DENVER — Denver-based UDR Inc. has announced its plans to acquire six multifamily communities for a total of $455.1 million. The properties include two communities in Southern California, two communities in the Boston metropolitan area, one community in Baltimore and one community to be built in suburban Boston.
Three of the communities were developed and previously owned by The Hanover Company. They include 1818 Platinum Triangle, a 265-unit property located in Anaheim, Calif.; Ridge at Blue Hills, a 186-unit property located in Braintree, Mass.; and Domain Brewers Hill, a 180-unit community located in Baltimore. The Hanover Company is also responsible for the development project, a 240-unit community to be located in Stoughton that will be known as The Lodge at Stoughton. The other two properties in the deal include Marina Pointe, a 583-unit community located in Marina del Rey, Calif.; and Garrison Square, a 160-unit community located in Boston.
Both California properties include amenities such as fitness centers, theater rooms and landscaped courtyards. Marina Pointe has a resort-style swimming pool and spa, while 1818 Platinum Triangle has a rooftop pool and outdoor kitchen with views of Angels Stadium and Disneyland. Marina Pointe is located adjacent to a multifamily community UDR already owns and 2 blocks east of another.
Garrison Square features a rooftop terrace with views of the Boston skyline, onsite parking, and private, landscaped courtyards. Ridge at Blue Hills contains a fitness center, a resort-style swimming pool and a theater room. Domain Brewers Hill features a fitness center, a conference center, two courtyards with fireplaces and grilling areas, and on-site parking. The Lodge Stoughton will be built with the same level of amenities as the other Hanover properties. Completion is scheduled for the fourth quarter of 2012.
UDR plans to finance the acquisition with available cash, by accessing its credit facility, and with the assumption of $92 million in first mortgages for Marina Pointe and Ridge at Blue Hills. Domain Brewers Hill and 1818 Platinum Triangle have already closed, and the other three existing communities are expected to close this quarter. Commenting on the Hanover portion of the transaction, UDR President and CEO Tom Toomey said, “Our entry into Boston exemplifies our strategy of owning homes in markets characterized by low home affordability with superior growth prospects. We have also secured the acquisitions of three communities recently developed by The Hanover Company at a substantial discount to their cost.”
— Coleman Wood