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Denver, CO-based UDR, Inc. (NYSE:UDR), a multifamily real estate investment trust, reported Monday that it anticipates its third quarter acquisition activity in Manhattan to top $580 million.
On July 19, 2011, the Company completed the acquisition of Rivergate, a 706-home apartment community located in the Murray Hill neighborhood of Manhattan for $443 million. The 35-story high-rise also contains 24,315 square feet of fully-leased commercial space and a 125-space parking garage.
The acquisition of 21 Chelsea, a 210-home community located in the Chelsea neighborhood of Manhattan, is expected to close in the third quarter of 2011 for $138 million. The 14-story high-rise also contains 1,600 square feet of fully-leased retail space and a 152-space parking garage.
As of June 30, 2011, UDR owned or had an ownership position in 60,386 apartment homes including 1,939 homes under development.
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Article source: http://newyorkrealestate.citybizlist.com/18/2011/8/1/UDR-Anticipates-581M-in-Q3-Manhattan-Acquisitions.aspx
