U.S. apartment owner, AvalonBay Communities, has completed an asset exchange program with UDR. The swap included exchanging three existing AvalonBay apartment communities for six UDR apartment communities and $26 million in cash.
The AvalonBay portfolio owned by UDR has an exchange value of $263 million, while assets in the UDR portfolio transferred to AvalonBay have an exchange value of $237 million, add Citybizlist Real Estate. AvalonBay will also assume a $55.4 million fixed-rate mortgage with a maturity date of June 2013.
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