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UDR Inc. (NYSE:UDR), a Denver-headquartered multifamily real estate investment trust, has teamed with LaSalle Investment Management, an operationally independent subsidiary of JLL (NYSE:JLL), on a $510 million joint venture focused on the multifamily market.

The joint venture is launching with a seed portfolio of four communities comprising 1,328 apartment units across Boston, California’s Orange County, Seattle and Washington D.C. The joint venture will initially have no debt and UDR will retain a 51% ownership in the communities included in the joint venture.

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The companies intend to grow the joint venture over time through the acquisition of apartment communities that will incorporate UDR’s operating platform.

“We are pleased to establish a new joint venture with such a high-quality partner,” said Tom Toomey, UDR’s chairman and CEO. “The venture validates the success of UDR’s operating platform, innovation, and unique value creation mechanisms, which have led to the highest controllable operating margin among our peer group and earnings per share growth that is consistently above the peer average. Additionally, the venture expands UDR’s strategy of diversifying among capital sources that provide the company the ability to execute accretive investment opportunities across economic and market cycles. We look forward to growing this venture with our partner over time to the benefit of our stakeholders through increased operating scale, densification, and earnings accretion.”

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