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LaSalle, UDR Form $510M JV to Acquire Core Multifamily
LaSalle Investment Management has completed a $510-million joint venture with UDR, Inc. to create a portfolio of core multifamily assets in key markets across the U.S. Under the terms of the agreement, UDR will contribute a seed portfolio of four assets into the joint venture and retain a 51% ownership position in the aggregate portfolio, while also acting as asset manager.
The partnership capitalizes on the secular shift to product in high-barrier-to-entry markets in addition to attractive rent price points, strong operating history and long-term expected NOI growth.
Mark Gabbay, global CEO of LaSalle, said, “We are pleased to have sourced a high-quality investment for our limited partner, alongside a best-in-class sponsor and operator in UDR. The U.S. multifamily market has remained one of the top-performing and most resilient asset classes in recent years, and we look forward to expanding this portfolio with UDR in the years ahead.”
Pictured: UDR’s Hawthorne apartments in Mill Creek, WA, one of the four assets in the seed portfolio.
- ◦Sale/Acquisition
