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Affordable Apartments

UDR Inc has announced it will build a $62M apartment complex next to the University of Maryland. This 256-unit building is expected to be the only 'privately-owned, market-rate community located directly adjacent to the University of Maryland campus'. UDR is the third largest publicly traded apartment owner in the US and recently purchased View 14 on U Street. For that transaction the final price worked out to be $670 per square foot, which is the highest price ever paid for Class A rental property in the district (total sale price: $104M). [CityBiz; DBJ]