Sule Aygoren Carranza is managing editor of Real Estate Forum.

DENVER-In a major restructuring of its portfolio, UDR Inc. has shed 86 communities for $1.7 billion. A joint venture of DRA Advisors LLC of New York City and Greensboro, NC-based Steven D. Bell & Co. bought the assets, which consist of 25,684 units in 10 states.

The transaction reduces UDR’s holdings by nearly 40% to 40,183 units in 146 communities, and brings it from being the third-largest apartment REIT in the country to the fourth. The firm also announced it is moving its headquarters here.

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