Latham & Watkins Advises UDR on Formation of US$510 Million Joint Venture

UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust and GRESB 5 Star rated company for its sustainability leadership, announced that it has closed a US$510 million joint venture (JV) with LaSalle Investment Management (LaSalle). Under the terms of the agreement, UDR will initially contribute four communities totaling 1,328 apartment homes into the joint venture and retain a 51 percent ownership interest therein. The four communities are located in California, Massachusetts, Virginia, and Washington. UDR will receive US$250 million in cash proceeds. Latham provided counsel in connection with UDR’s entrance into the joint venture and the sale by UDR to LaSalle of the ownership interest in the four communities.

Latham & Watkins LLP represented UDR in the transaction with a Century City-based real estate deal team led by partner Matthew Friedrich and counsel Tiffany Taubman. Advice was also provided on REIT tax matters by partner Ana O’Brien and counsel Will Kessler.