On June 28, Denver-based REIT UDR announced that it sold 15 unencumbered communities comprising 4,931 units in Phoenix, Jacksonville, Fla., Dallas, and Richmond, Va. for $477 million. With the sale, UDR moved out of Phoenix and Jacksonville.
Today, the buyer of the bulk of those units was announced, and, it wasn’t a newcomer to trading with UDR. New York-based DRA Advisors bought nine of the properties, totaling 3,187 units, for $297.8 million. In Feb. 2008, UDR sold 25,684 apartment units in 86 properties across the U.S. for $1.71 billion to DRA and Greensboro, N.C.-based Bell Partners.
The deal represents another step in UDR’s strategy of focusing on infill markets like New York City and moving out of low barrier-to-entry areas like Phoenix and Jacksonville.