"With demand high, new supply low and vacancy low, you've got tosay the market has great prospects for rent growth," said onecompany executive. "We've got a lot of room to grow rent andimprove operations without bumping up against housing or even condosales."The acquisitions are expected to be financed through theassumption of $181 million of 5.2% secured debt with a weightedaverage term to maturity of eight years. The balance will be paidin cash to be generated from several sources including an existing$500-million credit facility, sale of communities under contractand in the future, as well as potentially issuing equity or othersecurities. Concurrent with the acquisition, the company says ithas completed or is under contract to sell $174 million ofproperties encompassing 3,515 units in five separate transactions.The aggregate sales price represents a blended capitalization rateof 7.5% based on trailing 12-month NOI less a capital expenditurereserve of $470 per unit and an implied management fee. After thetransactions are completed, UDRT will own and operate 80,000 unitsin 42 markets.