US: UDR, a multi-family real estate investment trust, has acquired Twenty400, a 217-unit five-story luxury apartment community in Arlington, Virginia, at US$84 million, through a joint venture with Kuwait Finance House (KFH).
The acquisition was financed through a new five-year US$49.5 million financing from the Federal National Mortgage Association, Fannie Mae. A 70% equity contribution worth US$24.15 million was provided by KFH while UDR provided US$10.35 million or a 30% equity contribution.
With a 91% occupancy rate, the luxury apartment community has an average income per occupied home of US$2,140.
UDR has the majority of its portfolio located in California and locations on the Atlantic coast such as Florida.