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Home Properties Buys MD Apartments, sold other Mid-Atlantic Properties

SILVER SPRING, MD-A major acquisition and disposition of assets at the upstate New York REIT included several properties in the Washington and Baltimore area. An apartment community here was purchased for $36.4 million, and four others were sold for $50 million.

By Marlon Millner | Updated on September 07, 2001

SILVER SPRING, MD-Home Properties has acquired one apartment complex here and sold four others in the Baltimore area as part of a larger acquisition and disposition of assets. The apartment REIT acquired The Manor, located here, for $36.4 million. The apartment community has 435 units, and it is 98.7% occupied with monthly rents averaging $964. The Manor is located on Georgia Avenue, was constructed in 1969 and has 12 three-story garden-style buildings. Home Properties expects to invest about $1.7 million on renovations. A second property, Courtyards Village Apartments in Naperville, IL, was acquired for $12.8 million. Courtyards has 224 units.

At the same time Home bought these two communities it sold five properties, including four in the Baltimore area. It sold Country Club Apartments with 150 units, Doubt Meadow Townhomes with 95 units, Laurel Pines Apartments with 236 units and Strawberry Hill Apartments with 145 units. The company also sold Riverdale Apartments with 580 units in Hampton, VA and Hamlet Court with 98 units in the company’s hometown of Rochester. The price for all six properties was $50 million.

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