Company news, Transactions

LaSalle completes US$510 million joint venture with UDR 

Partnership to aggregate a portfolio of high-quality multifamily assets across the US.
June 29, 2023
  • CHICAGO, June 29, 2023 — LaSalle Investment Management (“LaSalle”) has completed a joint venture with UDR, Inc. (NYSE: UDR) to create a portfolio of core multifamily assets in key markets across the US. Under the terms of the agreement, UDR will contribute a seed portfolio of four assets into the joint venture and retain a 51 percent ownership position in the aggregate portfolio, while also acting as asset manager. 

    The investment presents LaSalle a unique opportunity to partner with a best-in-class operator in a preferred sector with immediate and diversified scale in multifamily markets that are ranked highly by LaSalle’s global Research and Strategy group. The partnership capitalizes on the secular shift to product in high-barrier-to-entry markets in addition to attractive rent price points, strong operating history, and long-term expected NOI growth. 

    Mark Gabbay, Global CEO of LaSalle, said:  “We are pleased to have sourced a high-quality investment for our limited partner, alongside a best-in-class sponsor and operator in UDR. The US multifamily market has remained one of the top-performing and most resilient asset classes in recent years, and we look forward to expanding this portfolio with UDR in the years ahead.” 

    About LaSalle Investment Management  |  Investing Today. For Tomorrow. 

    LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages over $78 billion of assets in private and public real estate property and debt investments as of Q1 2023. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit www.lasalle.com and LinkedIn

    About UDR, Inc.  

    UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of March 31, 2023, UDR owned or had an ownership position in 58,411 apartment homes including 415 homes under development. For over 51 years, UDR has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates.  

    NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.

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