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Texas  + State of Texas  + Apartments  | 
UDR Takes on 5 new Texas rental communities for $402M

UDR Lassos Five Texas Rental Communities for $401.9M

UDR has gone big in Texas. It acquired five properties totaling 1,753 units in the Dallas and Austin metros for $401.9 million. They include:

  • The Flats at Palisades in Richardson.
  • Central Square at Frisco in Frisco.
  • Estancia Villas in Austin.
  • Villaggio in Mansfield.
  • Palo Verde in Austin.

Multifamily Dive reports the publicly traded REIT said during its second quarter earnings news release, that UDR funded the purchase with $172.5 million of its operating partnership units, which are equivalent to REIT shares, issued at $47.50 per unit; $20 million in cash; and the assumption of $209.4 million of below-market debt at an average coupon rate of 3.8% with an average of 6.3 years to maturity.

“When you look at that [interest rate] relative to the market today in the low 5’s, we’ve got six-plus years of 150-basis-point advantage on that debt, which if you think about a debt for market value it translates into about a 25 basis point benefit in terms of asset pricing,” Said UDR’s Joe Fisher.


Inside The Story


About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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    Listing Type:Highest & best offer
    No. of Units:154
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    No. of Stories:2
    Opportunity Zone:No
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    No. of Stories:3
    Opportunity Zone:Yes
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