United Dominion Realty Trust announced yesterday that it has signed a joint venture agreement with AEGON USA Realty Advisors, Inc. (AEGON) for the development of apartment homes on a national basis.
The joint venture is expected to develop approximately eight to ten garden style apartment communities over the next three years, with a total development cost up to $210 million. The venture will obtain bank construction financing for 70% to 80% of total costs. The venture will provide equity contributions for the balance of the costs with AEGON providing 80% of the equity and United Dominion providing 20% of the equity required.
United Dominion is one of the countryÂ's largest multifamily real estate investment trusts owning and operating apartment communities nationwide. The Company currently owns all or an interest in approximately 78,000 apartment homes and is the developer for over 200 homes under construction.
(source: United Dominion)