UDR Inc. announced this week that it had acquired, in a joint venture with Kuwait Finance House (KFH), 1301 Thomas Circle in Washington, DC for $154 million. According to a National Real Estate Investor Online article, The acquisition is being funded through a five-year, 2.99%, $90 million interest-only loan from Fannie Mae, a 70% equity contribution by KFH of $44.8 million and a 30% equity contribution by UDR of $19.2 million. Since its formation in 2009, the joint venture has invested $281 million in metropolitan Washington, D.C. through the acquisition of three operating communities containing 660 homes.
1301 Thomas Circle is a ten-story building constructed in 2006 located just minutes from the Mt. Vernon Square and McPherson Metro Stations. Additionally, it is just a short walk from two of the Company's other operating communities, Andover House and View 14, as well as its development project, 2400 14th Street. Following the close of this transaction, the Company will own, or have an ownership interest in, 21 communities consisting of 5,934 apartment homes in the metropolitan Washington, D.C. market.
For more news and information visit Blumberg Capital Partners.
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