Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 02 May 2019

UDR Paying $108.5Mln for Suburban Philadelphia Apartment Property

The Highlands Ranch, Colo., REIT is buying the 313-unit Park Square Apartments in King of Prussia, Pa., from a venture of CornerstoneTracy of Villanova, Pa., and Bentley Homes of West Chester, Pa. The property opened last year. Its sale is expected to close by the end of next month.

Commercial Real Estate Direct Staff Report

UDR Inc. has agreed to pay $108.5 million, or $346,645/unit, for the Park Square Apartments in the Philadelphia suburb of King of Prussia, Pa.

The Highlands Ranch, Colo., REIT is buying the 313-unit property from its developer, a venture of CornerstoneTracy of Villanova, Pa., and Bentley Homes of West Chester, Pa. The deal is expected to close by the end of next month.

The property, at 751 Vandenburg Road, opened last year and has one-, two- and three-bedroom units with quartz countertops, stainless-steel appliances, washers and dryers and balconies or patios. It includes a clubhouse, business center, conference room, fitness center and swimming pool.

Park Square is two miles from the 2.9 million-square-foot King of Prussia Mall, six miles from Villanova University and 20 miles from downtown Philadelphia. Monthly rents range from $1,971/unit to $2,971/unit.

If the deal closes, it would be UDR's second property in the Philadelphia area. It owns the 290-unit Domus Apartments, at 3411 Chestnut St. in the city's University City neighborhood, which is two blocks from the University of Pennsylvania. It owns the property in a...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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