UDR TO ACQUIRE MANHATTAN APARTMENT COMMUNITY FOR $325M

NEW YORK CITY — Colorado-based UDR, Inc. has entered into an definitive agreement to acquire Dwell95, a 507-home apartment community located at 95 Wall Street in New York City, for $325 million. The 22-story building was the former headquarters for J.P. Morgan before it was converted to residential apartments in 2008 by The Moinian Group. The average size of a unit is 668 square feet and it is currently 93 percent occupied. Excluding the 7,526 square feet of retail space and 97-space parking garage, the sales price equates to $550,000 per apartment home. The transaction is funded through $275 million in cash and $50 million in the issuance of operating partnership units. The building will receive a tax abatement until 2023 and an exemption from real estate taxes until 2021, both of which include a 4-year phase out period. Dwell95 is located one block east of 10 Hanover Square, a 493-home community also owned by UDR. Doug Harmon of Eastdil Secured was the sole broker in the transaction, advising both UDR and seller.