RICHMOND, Va., June 5, 2006 (PRIMEZONE) -- United Dominion Realty Trust, Inc. (NYSE:UDR) today announced that Mark Culwell has been named Senior Vice President, Development, and that Doug Walker has been named Senior Vice President, Transactions.
"I am delighted to welcome these two seasoned executives to UDR and to add strength to our management team," stated W. Mark Wallis, Senior Executive Vice President. "Mark has over 30 years of real estate experience and a proven track record in development and construction. Doug brings over 12 years of experience in real estate operations, including development in Southern California, and will add the administrative and negotiating skills needed for our expanded development and joint venture activity. I look forward to working with these talented leaders as we accelerate our growing development business."
Mr. Culwell most recently served as Regional Vice President of Development for Gables Residential, where he established a $300 million pipeline of new development and redevelopment opportunities within his first 18 months at the company. He managed the design and construction of multiple mixed-use projects representing market value in excess of $250 million and opened new markets in the southwestern United States. His previous involvement with companies including Elsinore Group, LLC, Lexford Residential Trust, Cornerstone Housing, and Trammell Crow Company included site selection and acquisition, market analysis, product design, lease-up, construction oversight and asset management as well as obtaining financing for acquisitions and rehabilitations.
"I am very pleased to join UDR as it continues to grow the Company's development and redevelopment activities," said Mr. Culwell. "This is an excellent opportunity to help UDR execute its strategy and contribute to the growth of the Company."
Mr. Walker most recently served as a consultant to the multi-family industry and was responsible for the management of a seven state portfolio of communities. He previously served as President of Harwood Pacific, a Dallas based developer of mixed-use high-rise office projects. He was also President of Harwood Management, a division of Harwood International, where he was responsible for total operations of an $800 million portfolio in the U.S. and Europe.
"I look forward to working with UDR as it continues to expand its investment portfolio," said Mr. Walker. "UDR has a talented team dedicated to continually improving the quality of its residential communities."
Messrs. Culwell and Walker join a team of over 80 associates concentrating on development, re-development, and joint venture and pre sale opportunities. Key members of the existing development team include Mr. Richard Gianotti, Executive Vice President, Asset Quality, and Mr. Mark E. Wood, Senior Vice President, Development. They each have more than 20 years of development experience and are currently executing a development and re-development pipeline of over $600 million and are actively pursuing future development opportunities of approximately $600 million.
About United Dominion Realty Trust, Inc.
United Dominion is the fourth largest apartment REIT, owning and operating apartment communities nationwide. The Company has raised the dividend each of the last 30 years. United Dominion is included in the S&P MidCap 400 Index. At March 31, 2006, the Company owned 75,223 apartment homes and had 1,335 homes under development and 2,943 under redevelopment. Additional information about United Dominion may be found on its Web site at www.udrt.com.