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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.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at 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.

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