Multifamily real estate investment trust UDR has appointed Mark R Patterson to its board of directors, effective 1 January 2014.
With the addition of Patterson, the company's board will total nine members, eight of whom are independent.
"We are very pleased to have Mark join our board," says Jim Klingbeil, chairman of the company's board of directors. "Mark possesses deep expertise in the real estate sector, as well as executive leadership experience as the CEO of a public company. I am confident that Mark will make a valuable contribution to our long-term success."
Patterson, 53, has been CEO and director at Boomerang Systems, a US manufacturer of automated parking systems and fully automated self-storage systems since 2010. Prior to joining Boomerang Systems, Patterson was a real estate consultant (2009 to 2010) and had spent five years at Merrill Lynch (2005 to 2009), where his titles included co-head of global commercial real estate and global head of real estate investment banking.
Before joining Merrill Lynch, Patterson was with Citigroup from 1989 to 2005, where he was the global head of real estate investment banking since 1996. Prior to this, Patterson served in various roles at Chemical Realty Trust and Arthur Andersen and Company.
Since 2011, Patterson has served as a director of General Growth Properties.