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Home Properties Scores 1,387 Units for $145M

ALEXANDRIA,VA-The New York City-based firm pays $104,300 per unit for the 1,387-key property.

By Erika Morphy | Updated on January 03, 2007

(To read more on the multifamily market, click here.)

ALEXANDRIA,VA-Home Properties Inc. has acquired a 1,387-unit, garden-style multifamily complex here for $144.6 million, or $104,300 per unit. In December 2004, the Rochester, NY-based Home Properties negotiated a lease with an option to buy from an undisclosed seller. Since then it has been managing Mount Vernon Square, the 127 three- and four-story building apartment community.

A spokeswoman tells GlobeSt.com that since the asset was under its management, Home Properties has raised occupancy to 93.5% from 89.8% and raised rents by 15%. Rents now average $1,082 per month.

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