Leasing & tenant law · Owners & management · Deals & development · 10/22/2026
Apollo and UDR form $2 billion multifamily joint venture
Apollo Global Management and the REIT UDR formed a $2 billion multifamily joint venture, the Commercial Observer reported. UDR will manage the 19 communities and keep a one-third stake, while Apollo takes two-thirds. The deal is expected to close next week. The companies did not say where the properties are.
Reported by The Real Deal · New YorkRead the original ↗
What happened
Apollo Global Management and UDR, a real estate investment trust, have formed a $2 billion joint venture that will own 19 multifamily communities with more than 7,000 units. The Real Deal reported the news on October 22, 2026, citing the Commercial Observer. Citigroup Global Markets and Wells Fargo Securities arranged the deal. It is expected to close next week.
UDR will manage the portfolio and own a one-third interest. Apollo will invest $1.34 billion in equity and take a two-thirds interest. In five years, UDR will have the option to buy back Apollo's interest. The portfolio is expected to bring in average revenue of more than $2,000 per home.
The companies did not disclose which properties are in the portfolio or where they are. Neither company responded to the Commercial Observer's request for comment. UDR's chief financial officer said in a statement that proceeds would go toward high-growth assets and other company needs.
The Real Deal noted two related deals. Earlier this year, Carmel Partners was reported to be nearing a deal to buy MetLife's minority stake in a five-building, 710-unit portfolio near Columbus Circle that it co-owns with Colorado-based UDR. UDR kept its majority stake. This summer, Apollo agreed to invest more than $1 billion for a 41.5 percent stake in a portfolio of 120 affordable housing properties owned by Starwood Real Estate Income Trust (SREIT). SREIT kept an option to buy back Apollo's interest.
Key facts
- Deal size
- $2 billion joint venture
- Portfolio
- 19 multifamily communities, more than 7,000 units
- Ownership
- Apollo two-thirds, UDR one-third
- Apollo equity
- $1.34 billion
- Manager
- UDR will manage the portfolio
- Revenue
- Expected average revenue of more than $2,000 per home
- Buyback option
- UDR may repurchase Apollo's interest in five years
- Closing
- Expected next week, per The Real Deal on October 22, 2026
What it means
Tenants and voucher holders
The reports do not say whether any of these buildings are in New York City. If you live in a UDR building, the reports say UDR will keep managing this portfolio.
Landlords
This is another large investor deal in multifamily housing that pairs Apollo capital with a buyback option for the partner. That is the same structure Apollo used with SREIT this summer.
Caseworkers
Nothing in the reports names specific buildings, so there is no confirmed effect yet on any client's housing. Clients in UDR-managed buildings may ask about it.
The highlights
- The portfolio covers 19 communities with more than 7,000 units.
- Apollo invests $1.34 billion for two-thirds. UDR keeps one-third and manages.
- UDR has the option to buy back Apollo's stake in five years.
Why it matters Landlords
Big investors keep putting money into rental housing, which can shape prices and competition for smaller owners.
Not known yet
- Which 19 communities are included and in which cities
- Whether any of the properties are in New York City
- Whether any units are rent stabilized, affordable or accept vouchers
- Whether the Columbus Circle portfolio is part of this deal
Background
In New York City, a change in a building's ownership or investors does not by itself change tenants' rights. Existing leases generally stay in effect after a sale. Rent-stabilized status attaches to the unit, not the owner, and is overseen by the state's Division of Housing and Community Renewal (HCR). Housing code enforcement by HPD also continues regardless of who owns the building.
Summary written by Bulwark from The Real Deal · New York’s reporting. The original story is at therealdeal.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0