DENVER, CO - UDR, Inc., a leading multifamily real estate investment trust, today announced that its joint venture with Kuwait Finance House (“KFH”) has completed the $84 million acquisition of Twenty400, a 217-home luxury apartment community. The five-story property located in Arlington, Virginia was developed in 2010 and is currently in the final stages of lease up.
“We’re pleased to announce the acquisition of Twenty400 as it allows us to further enhance the quality of our portfolio in Washington, D.C. as well as provides us an enhanced return potential through fees and promotes earned through our joint venture with KFH,” said Tom Toomey, president and CEO of UDR.
The property is located along the I-395 corridor just south of the District of Columbia and two miles from the Pentagon, and less than a mile from the Company’s 241-home apartment community, Delancey at Shirlington Village. Community amenities include a central courtyard with open green space, resort style swimming pool and sundeck, a fully equipped fitness center, resident lounge, and controlled access to an on-site 329-space parking garage. Condominium-quality finishes include stainless steel appliances, granite countertops, modern custom cabinetry and full size washer/dryers in the community’s studio, one-, two- and three- bedroom apartment homes which average 986 square feet. The community is currently 91% occupied and has an average income per occupied home of $2,140.
The acquisition was funded through a new five-year $49.5 million interest-only loan at 3.39% from Fannie Mae, a 70% equity contribution by KFH of $24.15 million and a 30% equity contribution by the Company of $10.35 million.
UDR, Inc., an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets. As of June 30, 2011, UDR owned or had an ownership position in 60,456 apartment homes including 2,009 homes under development. For over 39 years, UDR has delivered long-term value to shareholders, the best standard of service to residents, and the highest quality experience for associates.