Sule Aygoren Carranzais managing editor ofRealEstate Forum.
DENVER-In a major restructuring of its portfolio, UDR Inc. hasshed 86 communities for $1.7 billion. A joint venture of DRAAdvisors LLC of New York City and Greensboro, NC-based Steven D.Bell & Co. bought the assets, which consist of 25,684 units in10 states.
The transaction reduces UDR's holdings by nearly 40% to 40,183units in 146 communities, and brings it from being thethird-largest apartment REIT in the country to the fourth. The firmalso announced it is moving its headquarters here.
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