UDR slipped 1pc to $32.93.Īpartment building values have surged as Americans delay homeownership, boosting demand for rentals. Shares of Home Properties climbed 1.8pc, closing at $74.01. The buildings are located primarily in the Washington, DC, area and are valued at $908m, UDR said in its own statement. The agreement includes a provision that allows Home Properties to solicit alternative proposals during the next 30 days in search of a better deal.Īlso Monday, Home Properties said it agreed to sell as many as six communities with 3,246 units to UDR, a Highlands Ranch, Colorado-based apartment landlord. The Home Properties purchase is consistent with Lone Star's strategy of buying second-tier apartment complexes such as workforce housing, rather than expensive new stock, Ward said in the statement. Ward III, co-head of real estate investments at Lone Star Funds. The transaction is the company's second large apartment purchase recently, following the 2014 acquisition of a 64-property portfolio, according to Hugh J. It will gain control of 121 communities with 41,917 apartment units, primarily along the East Coast. Last April it sold a number of properties on to another US firm including the Watermarque Building in Ringsend. The firm has bought swathes of property across Ireland in the years since the crash. Lone Star, the Dallas-based private equity firm founded by billionaire John Grayken. Home Properties will become privately held when the transaction is complete, according to a statement. The price is 9.2 percent more than Home Properties' closing share price on April 24, the last trading day prior to media reports of a possible buyout. Lone Star will pay $75.23 a share in cash for the Rochester, New York-based company, giving the deal an equity value of about $4.36bn. A Lone Star Funds affiliate agreed to buy US apartment landlord Home Properties in a transaction valued at about $7.6bn, including debt.

The watermarque condos