UDR said on 21 October 2026 that funds managed by Apollo would invest US$1.34bn of equity for about two-thirds of a new joint venture owning 19 UDR apartment communities valued at about US$2.0bn.
Why Apollo-managed funds (Apollo High Grade Capital Solutions) is buying Two-thirds stake in a joint venture owning 19 UDR apartment communities
UDR said it would use the proceeds for higher-growth investments, debt reduction and general corporate purposes. It announced the deal alongside higher full-year 2026 guidance.
“We are proud to serve as a capital partner to UDR.”
Deal terms and financing
The 19 communities comprise 7,059 homes, valued at an implied cap rate of about 6.0%. UDR retains a one-third interest, will consolidate the venture and earn an asset management fee, and has an option to buy out Apollo's stake for a limited period starting at the fifth anniversary of closing at an expected fixed return of 7.00% to 7.50%.
Regulatory approvals and timing
Closing is expected on 29 October 2026, subject to final documentation and customary conditions.
Market context
The investment comes from Apollo's High Grade Capital Solutions business. UDR will consolidate the venture in its accounts.
