Apollo-Managed Funds and Affiliates Plan $1.34 Billion UDR Venture Stake

UDR Inc. and Apollo-managed funds and affiliates plan to form a venture for 19 apartment communities valued at about $2 billion, with the Apollo side investing $1.34 billion for an approximately two-thirds stake. The portfolio includes 7,059 homes with an average age of 39 years. UDR, a multifamily real estate investment trust, would keep a one-third interest, consolidate the venture and continue managing and operating the properties for an asset management fee. The transaction is expected to close Oct. 29, subject to transaction documents and customary closing conditions.

Source: TokenPost