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Home Properties Multifamily Deals Exceed $100M

ROCHESTER, NY-Home Properties reports that it has made key acquisitions in the Boston and Long Island, NY markets totaling nearly $90 million and sold two properties in Maryland and Pennsylvania for $13.6 million.

By John Jordan | Updated on July 05, 2002

ROCHESTER, NY-Marking the firm’s entrance into the Boston marketplace, Home Properties acquired the 686-unit Gardencrest Apartment complex in Waltham, MA for $85.4 million. The publicly traded REIT also completed the purchase of the final two properties of the 11-property Holiday Portfolio in Long Island, NY. The transaction involved the purchase of Holiday Square (120-units) and Muncy Apartments (23 units) in Babylon for $9.5 million.

Commenting on its deal in Boston, Nelson Leenhouts, president and co-chief executive officer of Home Properties says, “We are very pleased to enter the suburban Boston market, the last of six geographic markets we had targeted for future growth, with such a quality property in a location we consider nearly perfect. The multifamily market in Boston has stabilized and improved considerably since earlier in the year, with concessions having all but disappeared. This increases our optimism that we can enhance Gardencrest in a way that will benefit both the community’s residents and Home Properties’ shareholders.”

The Gardencrest acquisition adds up to Home Properties paying approximately $122,000 per apartment. The deal included the assumption of a $5.6 million existing mortgage, $21.8 million in cash and $58 million from the company’s line of credit, according to Home Properties officials. The company states it expects to spend in excess of $10 million in community-wide improvements during the first few years of operation.

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