Home Properties Takes Adjoining Apartments for $172M

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SILVER SPRING, MD-Rochester-headquartered Home Properties Inc. has acquired Peppertree Farm and Cinnamon Run for $172 million. The adjacent apartment properties account for an aggregate 1,392 units. Home Properties purchased the sites from Third Artel Associates, an entity managed by Bethesda-based the Artery Group.

Located at 14120 Weeping Willow Rd., Peppertree Farm cost Home Properties $103.9 million, including $50.1 million of Home Properties Operating Partnership LP units that will be exchangeable for common stock after one year. Peppertree, which was developed in five phases over a six-year period beginning in 1972, is an 881-unit property consisting of 62 low-rise structures. The new owners are planning to upgrade the complex at an estimated cost of $6.2 million.