LaSalle expands joint venture with UDR by $230 million

LaSalle Investment Management closed a $230 million expansion of its joint venture with UDR, Inc. (NYSE: UDR), increasing the total size of the partnership to approximately $850 million, according to a company statement.

The expansion adds four apartment communities totaling 974 homes to the joint venture's portfolio, which now comprises 2,564 homes. The newly contributed properties are located in Portland, Orlando, and Richmond, with an average vintage of 1985.

Under the agreement terms, LaSalle will hold a 49 percent ownership stake in the newly contributed assets, with UDR retaining 51 percent ownership.

"Our joint venture with UDR has been a strong and successful collaboration since its inception, and we are pleased to continue building on that foundation," said Stuart Sziklas, Global Portfolio Manager at LaSalle Investment Management.

Tom Toomey, UDR's Chairman, CEO, and President, stated that the four apartment communities enhance the geographic diversification of the joint venture and offer current return to LaSalle.

LaSalle Investment Management, a subsidiary of JLL (NYSE: JLL), manages $88.5 billion of assets in private and public real estate equity and debt investments as of the second quarter of 2025. UDR is a multifamily real estate investment trust that owned or had an ownership position in 60,535 apartment homes as of September 30, 2025.

The companies plan to continue exploring growth opportunities for the joint venture in 2026.

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