UDR, Inc. and Apollo Form $2.0 Billion Strategic Partnership
Apollo and multifamily REIT UDR announced a $2.0 billion joint venture covering 19 apartment communities with 7,059 homes. Apollo-managed funds will invest $1.34 billion of equity for an approximate two-thirds interest, while UDR retains one-third, consolidates the JV, and continues to manage the assets for a fee. The deal implies a ~6.0% cap rate, and UDR holds an option to repurchase Apollo's interest at an expected 7.00-7.50% fixed return starting at the fifth anniversary.
Key figures
- Deal Value Usd
- $2.0 billion
- Expected close
- October 29, 2026
- Apartment homes
- 7059
- Implied cap rate
- approximately 6.0%
- Udr retained stake
- one-third
- Portfolio communities
- 19
- Apollo ownership stake
- approximately two-thirds
- Repurchase fixed return
- 7.00-7.50%
- Apollo equity commitment
- $1.34 billion
- Average revenue per home
- $2,058
AI analysis
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