United Dominion to Buy Lazard Freres Unit

United Dominion Realty Trust Inc., the nation’s second-largest apartment firm, said it agreed to buy Lazard Freres & Co.’s American Apartment Communities for $787 million, including the assumption of $451 million in debt, in a deal that would give it a bigger presence in West Coast markets. The purchase of San Francisco-based American Apartment would increase United Dominion’s holdings by 14,140 apartments, or 20%, to 86,000. The Richmond, Va.-based real estate investment trust’s current properties are mainly in the South. United Dominion’s shares fell 50 cents to close at $10.94 on the NYSE.