UDR Inc. acquires apartment complex in Arlington for $84 million
- September 6, 2011
UDR Inc., a Denver-based real estate investment trust, has purchased a 217-unit luxury apartment in Arlington, expanding its portfolio in the Washington, D.C., market. UDR did the deal as a joint venture project with Kuwait Finance House. A five-year $49.5 million interest-only loan from Fannie Mae helped fund the purchase, along with a 70 percent contribution from Kuwait Finance House for $24.1 million and a 30 percent equity contribution from UDR totaling $10.3 million.
The project, Twenty400, was completed in 2010 and is in the final stages of leasing. The five-story building, located along the I-395 corridor about two miles from the Pentagon, is about 91 percent occupied.