Apollo, UDR Forming $2-Billion Multifamily Joint Venture

Apollo, UDR Forming $2-Billion Multifamily Joint Venture
News| October 21, 2026| Paul Bubny
Apartment Buildings

UDR, Inc. and Apollo said Wednesday they would form a new, long-term joint venture involving a diversified portfolio of apartment communities. Apollo will invest approximately $1.34 billion of equity capital for a two-thirds interest in the JV, which owns a 19-property portfolio totaling 7,059 units and valued at approximately $2.0 billion.

Under the terms of the transaction, UDR will continue to operate and manage the portfolio, earning an asset management fee. The apartment REIT will also retain an option to repurchase Apollo’s interest in the JV at an expected 7.00-7.50% fixed return for a finite period starting at the fifth anniversary of closing.

“Access to equity capital is one of UDR’s strategic priorities,” said Tom Toomey, UDR’s chairman, president and CEO. “With this transaction, we believe we will be positioned to take advantage of compelling opportunities in the marketplace, while improving the quality of our wholly owned portfolio and strengthening our balance sheet, all in an accretive manner.”

Apollo partner Jamshid Ehsani said, “We are proud to serve as a capital partner to UDR. UDR is a recognized leader in the real estate industry with a track record of operational excellence and disciplined capital allocation. This transaction provides a cost-efficient capital solution tailored to UDR’s needs. Apollo’s investment further demonstrates the ability of our High Grade Capital Solutions business to partner with and support leading companies around the world.”

The transaction is expected to close on Oct. 29. Citigroup Global Markets Inc. and Wells Fargo Securities, LLC acted as structuring agents and financial advisors to UDR. Scotiabank acted as financial advisor to Apollo.

Pictured: Tom Toomey.

Other News

Agador Spartacus Inks $58.5M Loan to Build Two Deltona BTR Communities

Florida & Gulf Coast + Apartment Buildings

Agador Spartacus closed on a $58.5 million construction loan for two build-to-rent communities in Deltona, Florida. Anchor Loans provided the loan. The financings include approximately $30.2 million for Magnolia Cottages at Deltona, a 153-home community, and $28.3 million for Magnolia Villas at Deltona, a 126-home community. Located on adjacent parcels, the projects will add a...

Learn more

Newmark Affiliate Arranges $369M Financing for 11 Florida Affordable Housing Properties

Florida & Gulf Coast + Apartment Buildings

Newmark Group arranged a $369 million Fannie Mae credit facility on behalf of April Housing, supporting the long-term preservation of an 11-property affordable housing portfolio located throughout Florida. The financing consisted of a $221.4 million fixed-rate draw and a $147.6 million floating-rate draw, structured as an interest-only facility through Fannie Mae. A buydown on the...

Learn more

Morehouse, Spelman Debut $147M Student Housing Project

Atlanta & Southeast + Student Housing

Radnor Property Group, in partnership with Madrone Community Development Foundation, joined Morehouse College and Spelman College in breaking ground on The Den at Eight50 West: a $147 million student housing development in the West End neighborhood of Atlanta. The project is at 850 West End Avenue in Atlanta, steps from Morehouse and Spelman Colleges. The Den...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up