UDR, Inc. expands MetLife relationship with new Vitruvian Park partnerships

theflyonthewall.com

The company announced the formation of additional 50%/50% partnerships with MetLife, consisting of operating communities and developable land parcels at the company’s Vitruvian Park master plan development located in Addison, TX. In connection with the formation of the Partnerships the Company received net proceeds of $199.9M and the expansion of its UDR/MetLife II Joint Venture via a swap of ownership interests in certain UDR/MetLife I Joint Venture communities, in addition to a net cash payment to MetLife of $15.6M.

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