DENVER-AvalonBay Communities and Highlands Ranch-based UDR have closed a $500-million asset exchange deal. The deal involves a development parcel as well as some 733 apartments in California and Massachusetts.
According to the terms of the deal, AvalonBay has decided to sell three properties located in Peabody and Woburn in Massachusetts and one property in San Francisco for $263 million to UDR. On the other hand, UDR has sold six apartment complexes featuring 1,418 apartment units in California for $237 million to AvalonBay.For the full story, go to Denver Business Journal.
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