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JAG Buys Leesburg Asset for $23M

McLEAN, VA—Dallas-based Lone Star is selling off pieces of Home Properties' extensive portfolio that it acquired when it took the REIT private…

By Erika Morphy | erikamorphy | | Updated on April 06, 2016
Jefferson Marketplace, a recent sale by Jefferson Apartment Group Jefferson Marketplace, a recent sale by Jefferson Apartment Group
McLEAN, VA—Dallas-based Lone Star is selling off pieces of Home Properties’ extensive portfolio that it acquired when it took the REIT private last year for $7.6 billion . Jefferson Apartment Group has just acquired one of the assets  — Somerset Park, a six-building, 108-unit garden style apartment building. The McLean, VA-based apartment developer picked up the asset for $23 million or $217,593 per unit. When Home Properties purchased Somerset Park in 2011 it paid $20.25 million for the property, or $187,500 per unit. Somerset Park, originally designed and developed in 2006 to be a condominium with luxurious finishes and spacious floor plans, was leased up and converted to a luxury rental apartment community. Dallas-based Lone Star acquired some 36,341-apartment units across 108 properties, located mainly on the East Coast and in the suburbs of Chicago, when all was said and done with the Home Properties deal. Jefferson Apartment Group recently sold Jefferson Marketplace , in Washington DC, for $141 million, or $501,779 per unit to Invesco Re. JAG acquired the project for redevelopment in 2011 and the first units began delivering in 2014.

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