UDR Sells Half of 13th & Market To MetLife
MetLife has partnered with UDR on two SoCal luxury apartment projects. UDR reports that it sold its 49% interest in 13th & Market, the 264-unit East Village mixed-use apartment, for $54M. UDR reports in SEC filings that it has reaped $7.2M on the sale. The company also sold its 50% interest in 3033 Wilshire, a land parcel in LA, to MetLife for $8.3M, in which UDR will recognize a $2.2M profit. UDR retains stakes in both projects. The company gave no indication when it would develop the land.