LaSalle Expands Joint Venture with UDR to $230 Million
- Joint Venture Expansion: LaSalle Investment Management has successfully closed a $230 million expansion of its joint venture with UDR, Inc., increasing the total size to approximately $850 million, which significantly enhances their market position in multifamily real estate investment.
- Portfolio Growth: The expansion adds four apartment communities totaling 974 homes, raising the joint venture's total to 2,564 homes, thereby improving geographic diversification and optimizing the investment portfolio.
- Strategic Partnership: LaSalle will hold a 49% stake in the newly contributed assets while UDR retains 51%, highlighting a strong collaborative relationship based on high-quality operating platforms and a commitment to innovation.
- Future Growth Opportunities: Both parties plan to explore growth opportunities for the joint venture in 2026, reflecting confidence in future market potential and a continued focus on investment returns.
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UDR Enhances Partnership with LaSalle Investment Management
Joint Venture Expansion: UDR, Inc. has closed a $230 million expansion of its joint venture with LaSalle Investment Management, increasing the total size to approximately $850 million.
New Contributions: UDR will contribute four apartment communities totaling 974 homes, located in Portland, Orlando, and Richmond, while retaining 51% ownership in these new assets.
Financial Structure: The contributed assets will be encumbered with 50% debt, leading to a total leverage of about 33% at the joint venture level, with UDR expecting to receive around $200 million in cash proceeds.
Future Plans: UDR and LaSalle Investment Management are looking to explore additional growth opportunities for the joint venture in 2026, using proceeds for share repurchases, debt repayment, and general corporate purposes.
