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DENVER—UDR and MetLife Investment Management have closed a previously-announced $1.76 billion deal in which 10 properties as well as some land sites and a development project have been folded into an existing JV between the two companies. In addition, MetLife bought out 5 properties already owned by the JV.
Specifically, UDR acquired a 50% interest it didn't previously own in 10 JV operating communities with a total of 3,321 apartment homes, one community under development and four accretive development land sites. This portion of the deal is valued at $1.1 billion, or $557 million at UDR's share. UDR also sold to MetLife Investment Management its 50% ownership interest in five JV communities with a total of 1,001 apartment homes, valued at $645 million, or $323 million at UDR's share.
The transaction simplifies its joint venture relationship with MetLife Investment Management, says UDR CEO Tom Toomey. The two companies will continue to manage the 13 remaining properties in the joint venture relationship, he adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
