UDR and Apollo Form $2 Billion Multifamily Joint Venture

Overview

• UDR and Apollo announced the joint venture on Wednesday, Oct. 21, 2026, and said the transaction is expected to close on Oct. 29, subject to customary conditions.
• Funds managed by Apollo will invest $1.34 billion to acquire a two-thirds economic stake while UDR retains a one-third interest and will continue to operate and manage the properties.
• The agreement gives UDR a five-year option to repurchase Apollo’s interest and is structured to deliver a roughly $2 billion valuation for the 19-property, 7,059-unit portfolio.
• Investor documents show the portfolio is stabilized with average revenue per unit of $2,058, an average property age of 39 years, and an implied cap rate near 6 percent.
• UDR says the proceeds will be used to reduce debt and redeploy capital into higher-growth assets, and the deal fits a wider trend of private-equity firms buying large, yield-producing stakes in REIT-owned multifamily assets.