UDR Inc., the third-largest publicly traded U.S. apartment owner, has agreed to pay about $581 million for two Manhattan rental communities as it seeks to expand its foothold in the New York market, according to an July 12 article by Oshrat Carmiel at Bloomberg.net.

The company will purchase the 706-unit Rivergate complex at 401 East 34th Street for $443 million, and a 210-unit community called 21 Chelsea for $138 million, the Highlands Ranch, Colorado-based real estate investment trust said in a statement, according to the article.

UDR also said it bought a property in Washington, D.C., on June 28, paying $106 million for a 185-home community called View 14.

"The acquisition of these three communities continues our portfolio transformation and strategy of owning apartment homes in markets characterized by above-average job growth, low home affordability and limited new supply - three of the key drivers to strong rental growth," Tom Toomey, president and chief executive officer, said in the statement.

"UDR is expanding in Manhattan after making its first purchase in the borough earlier this year, when it paid $260.8 million for 10 Hanover Square in the Financial District. Chief Financial Officer David Messenger said in March that the company was 'walking up and down the streets' looking at New York properties as it sought more acquisitions in the city. 'One asset isn't going to be enough for us, he said in an interview at the time," the article said.

The 35-story Rivergate building was erected in 1985 by the Zucker Organization and pioneered the redevelopment of the area around the Queens-Midtown Tunnel.