Southern Meadows, built in 1971, is now 98.4% occupied at rents averaging $1,135 per month. This garden-style community features patios, balconies, a swimming pool, a fitness center, a community center and a mini-theater. Home Properties plans to spend $2.9 million to upgrade kitchens and bathrooms, the landscaping and to correct deferred maintenance at the facility, which has 16 studios along with 265 one-bedroom and 171 two-bedroom apartments.
Gain on the sale of Springcreek is approximately $500,000, based on book value, which is being invested in Southern Meadows.
Home Properties, a REIT that specializes in multifamily properties, operates 312 communities with 51,059 units, and manages one million sf of commercial space.
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