NEW YORK CITY-UDR Inc. is pushing ahead with its plan to purchase properties in New York. The apartment developer recently sold 15 apartment communities comprising 5,000 apartments in Jacksonville, Florida, Dallas, Phoenix and Richmond, Virginia.
UDR sold the multifamily properties to DRA Advisors LLC for $477 million. The properties were developed between 1986 and 2009. UDR exited from the Jacksonville and Phoenix markets with the recent sale. Meantime, the developer has been focusing for new properties in New York. For the full story, go to Wall Street Journal .
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