Regions Northern Virginia

UDR Inc. acquires apartment complex in Arlington for $84 million

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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.

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