UDR has gone big in Texas. It acquired five properties totaling 1,753 units in the Dallas and Austin metros for $401.9 million. They include:
The Flats at Palisades in Richardson.
Central Square at Frisco in Frisco.
Estancia Villas in Austin.
Villaggio in Mansfield.
Palo Verde in Austin.
Multifamily Dive reports the publicly traded REIT said during its second quarter earnings news release, that UDR funded the purchase with $172.5 million of its operating partnership units, which are equivalent to REIT shares, issued at $47.50 per unit; $20 million in cash; and the assumption of $209.4 million of below-market debt at an average coupon rate of 3.8% with an average of 6.3 years to maturity.
“When you look at that [interest rate] relative to the market today in the low 5’s, we’ve got six-plus years of 150-basis-point advantage on that debt, which if you think about a debt for market value it translates into about a 25 basis point benefit in terms of asset pricing,” Said UDR’s Joe Fisher.
The post UDR Lassos Five Texas Rental Communities for $401.9M appeared first on Connect CRE.
UDR has gone big in Texas. It acquired five properties totaling 1,753 units in the Dallas and Austin metros for $401.9 million. They include: Multifamily Dive reports the publicly traded REIT said during its second quarter earnings news release, that UDR funded the purchase with $172.5 million of its operating partnership units, which are equivalent …
The post UDR Lassos Five Texas Rental Communities for $401.9M appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate