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Home Properties Buys Suburban Apartment Complex

CHICAGO - NY State-based REIT aquires its second multifamily property in the Chicago area.

By Dees Stribling | Updated on December 29, 2000

CHICAGO – Home Properties announces has paid $10.1 million for the 192-unit Cypress Place apartment community in suburban Chicago. In terms of the Cyress Place deal, the transaction included $6.6 million of assumed debt, $2.2 million of Operating Partnership Units in Home Properties of New York LP, and $1.3 million of cash on hand, according to company officials.

Built in 1969, Cypress Place is located approximately 20 miles northwest of Chicago. The garden-style property features two-and three-story buildings with balconies and brick exteriors. Community amenities include on-site laundry facilities, a central picnicking area and parking. The complex consists of 96 two-bedroom units and 96 one-bedroom units with an average unit size of 855 sf.

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