DENVER — Denver-based UDR has sold a nine-property multifamily portfolio to DRA Advisors for $297.7 million. The portfolio totals 3,187 units located in Jacksonville, Florida, Richmond, Virginia and Dallas, and is 95 percent leased.

The properties include The Antlers, Green Tree Place, The Kensley Apartment Homes, St. Johns Plantation and Westland Park in Jacksonville; Belmont and Belmont Townhomes in Dallas; and Dominion Creekwood and Dominion West End, in Richmond. The assets are located in infill locations within major population centers.

The markets all show strong real estate fundamentals with shrinking vacancy rates. According to New York-based Reis, the vacancy rate in Dallas in the second quarter of 2012 was 5.7 percent, down 30 points from the first quarter. The vacancy rate in Richmond was 5 percent, down 40 points from the first quarter, and the vacancy rate in Jacksonville was 8.4 percent, also down 40 points from the first quarter.

“The properties are located in Sunbelt states with proximity to urban centers, strong population and good job fundamentals,” says Kevin Judd, principal of ARA’s Orlando, Florida, office.

Several of the apartment complexes, which were built in the 1990s and 2000s, offer the opportunity to be repositioned to achieve higher rents.

Marc deBaptiste, Kevin Judd, Matt Wilcox, Brian O’Boyle, Brian Murphy, Drew White, Mike Marshall and Ryan Ogden of ARA represented the seller in the transaction.

New York City-based DRA Advisors manages more than $9 billion in assets. In terms of multifamily properties, the company seeks to acquire Class A or B garden-style, mid-rise or high-rise apartment complexes with more than 200 units in primary and secondary markets. Currently, the company owns 180 apartment communities, totaling 52,000 units.

— Savannah Duncan