Apollo Takes Two-Thirds Stake in $2B, 7,059-Unit UDR Apartment Portfolio Through $1.34B Joint Venture

UDR is moving 19 apartment communities into a $2 billion joint venture in which Apollo-managed funds will invest $1.34 billion for a roughly two-thirds stake, giving the Denver REIT fresh capital for debt reduction and redeployment while it keeps operating the 7,059-home portfolio and holds an option to buy Apollo out later.