UDR Co-Leads ESG Innovation-Focused “Housing Impact Fund” Launched by RET Ventures
22 April 2022 - 3:00PM
Business Wire
UDR, Inc. (the “Company”) (NYSE: UDR), a leading multifamily
real estate investment trust that was recently named the GRESB
Global Sector Leader as the #1 ESG performer across all listed
Residential companies, announced today that the Company and Essex
Property Trust, Inc. (“Essex”) are co-lead investors in the first
closing of a new Environmental, Social, and Governance (“ESG”)
focused investment fund, RET Ventures ESG Fund, L.P. (“the Fund”)
to be managed by RET Ventures (“RET”), a venture capital firm
focused on technologies for the multifamily, single-family, and
broader real estate asset classes. UDR has committed $10 million to
the Fund, which will seek to support the growth and successful
implementation of ESG solutions for the housing industry, including
technologies that improve both the environmental and social
outcomes of existing properties and new developments.
An important goal of the Fund will be broadening the sector’s
approach to ESG, utilizing a more holistic focus that addresses
climate change and environmental risks as well as social issues,
including housing affordability, building health and safety, and
resident well-being. From an environmental standpoint, solutions
may include platforms focused on improved building design, reducing
energy usage and carbon emissions, efficient waste management, and
ESG data collection and reporting.
“At UDR, we pride ourselves on our commitment to sustainability,
and our decision to help RET Ventures launch this fund should
enhance the financial, environmental, and social dividends we
deliver to our stakeholders,” said Tom Toomey, UDR’s Chairman and
CEO. “UDR has achieved a variety of ESG milestones recently, but we
know more progress is needed, both as a Company and as an industry.
With our investment in the Fund, we aim to leverage the knowledge
we’ve accumulated through years of ESG-centric work to accelerate
the achievement of sustainable goals across the real estate
industry.”
“The housing sector has a significant impact on society in terms
of both its critical role in the lives of residents and its
resource footprint. With this Fund, we plan to invest in
technologies that mitigate the environmental impact of real estate,
while addressing other important social and stakeholder issues,”
said Christopher Yip, Partner at RET Ventures. “With a groundswell
of support across the sector, there is an opportunity for
purpose-driven technology to improve nearly every aspect of the
industry — investment, construction, operations and more — and
we’re proud to be partnering with UDR and Essex to build toward a
more sustainable future.”
About UDR, Inc.
UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading
multifamily real estate investment trust with a demonstrated
performance history of delivering superior and dependable returns
by successfully managing, buying, selling, developing and
redeveloping attractive real estate communities in targeted U.S.
markets. As of December 31, 2021, UDR owned or had an ownership
position in 57,483 apartment homes including 1,417 homes under
development. For over 49 years, UDR has delivered long-term value
to shareholders, the best standard of service to residents and the
highest quality experience for associates.
About RET Ventures
A leading real estate technology investment firm, RET Ventures
is a venture capital firm focused on driving innovation in
partnership with its base of more than 40 Strategic Investors who
own and manage over $600 billion of real estate assets, with
particular focus in multifamily and single-family rental real
estate. In these asset classes, the Strategic Investor group
includes some of the largest REITs and private real estate owners,
operators and developers, who together control approximately 2.4
million rental units. Through its deep expertise and network, RET
has created a unique real estate innovation ecosystem that delivers
significant value to the companies it backs, by providing them with
access to thought leaders, development partners, and ongoing
strategic guidance. For more information, please visit
www.ret.vc.
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Trent Trujillo ttrujillo@udr.com 720-283-6135
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