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New York
UDR has snapped up two Manhattan apartment buildings for $581M:Rivergate in Murray Hill and 21 Chelsea on W 21st St; it will launch capital improvement programs to spiffy them up.
21 Chelsea, New York, NY
Everyone who drives a cab is lining up to live at 21 Chelsea. The 14-story, 210-unit will receive $6M to $8M in upgrades over the next two years, including new kitchens, baths, redesigned lobby, and new landscaping and outdoor furniture on the rooftop. The 35-story, 706-unit Rivergate occupies a full city block between 34th and 35th, FDR Drive, and First Avenue. The REIT plans to dole out between $40M and $60M over the next three years to redevelop the one-, two-, and three-bedroom homes with high-end kitchens and bathrooms. Community upgrades: a glass-enclosed 6,000 SF rooftop fitness center and deck, updated lobby, and building entryway. UDR's improvements mean rents could go up in both buildings, 20% and 35% respectively (both currently make over $3,200 monthly per occupied home). The REIT anticipates both will close this quarter.