LaSalle Investment Management has completed a $510-million joint venture with UDR, Inc. to create a portfolio of core multifamily assets in key markets across the United States. Under the terms of the agreement, UDR will contribute a seed portfolio of four assets and retain 51% ownership in the aggregate portfolio while also acting as asset manager.
This partnership capitalizes on an ongoing shift towards product in high-barrier-to-entry markets along with attractive rent price points, strong operating history and long term expected NOI growth potential. Mark Gabbay, global CEO at LaSalle commented: “We are delighted to have sourced this quality investment for our limited partner alongside such an experienced sponsor and operator like UDR. The US multifamily market has been one of top performing asset classes over recent years so we look forward to expanding this portfolio together going forward.” Hawthorne apartments located Mill Creek WA is one example from within their seed portfolio that showcases these qualities perfectly .
