NEW YORK CITY-Highlands Ranch, Colorado-based UDR Inc. has agreed to purchase two rental communities in Manhattan for approximately $581 million. The company will buy 21 Chelsea, a 210-unit community, for $138 million and Rivergate, a 706-unit complex in Murray Hill, for $443 million.
On June 28, UDR acquired View 14, a 185-home community in Washington, for $106 million. The acquisitions will be financed with hard cash, the REIT's credit line and the accepting of $31 million in first loan on 21 Chelsea. For the full story, go to Crain's New York Business .
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