INDIANAPOLIS-The Lightstone Group has paid United Dominion Realty Trust $25 million for 762 units in two older apartment communities in the city.

Lightstone is a real estate company headquartered in Lakewood, NJ that owns and/or manages 16,000 apartments as well as office, industrial and retail properties in 16 states. United Dominion Realty is an apartment REIT based in Highlands Ranch, CO that owns about 75,000 units in the South and West.

Lightstone acquired the 462-unit International Village at 6363 Hollister Dr. and the 304-unit Regency Park South at 5525 Versaille Dr. International Village was built in 1968 and Regency Park South was developed in 1967. The properties’ combined occupancy was about 95% at time of sale. Wachovia Bank provided the acquisition financing.

The acquisition was handled in-house. Michael Baumann, director of multifamily acquisitions, lead the transaction. Angela Mirizzi-Olsen, senior vice president, handled the financing.

In July, Lightstone announced its intention to merge with the REIT Prime Retail Inc., an affiliate of Lightstone that is traded on the Over-The–Counter Bulletin Board. Prime Retail owns and/or manages 37 outlet centers with 10.4 million sf of leaseable area.

The transaction, which will result in aggregate consideration of $115 million payable to the company’s shareholders and unit holders, has a total value of approximately $638 million, including $523 million of debt to be assumed by the buyer. Under the terms of the agreement, each holder of the Series A preferred stock will receive cash in the amount of $16.25 per share, each holder of Series B preferred stock will receive cash in the amount of $8.66 per share, and each holder of the common stock will receive cash in the amount of $0.18 per share. The acquisition is expected to be complete by the end of the year.

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