Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Southern Meadows, a 452 unit-apartment unit in Bayport, NY, has been purchased for $39.3 million (including closing costs) by Home Properties, based here, and sold Springcreek Apartments, in Dansville, NY with 82 units for $2.5 million (excluding closing costs), which amounts to approximately $35,500 per unit.

Southern Meadows, built in 1971, is now 98.4% occupied at rents averaging $1,135 per month. This garden-style community features patios, balconies, a swimming pool, a fitness center, a community center and a mini-theater. Home Properties plans to spend $2.9 million to upgrade kitchens and bathrooms, the landscaping and to correct deferred maintenance at the facility, which has 16 studios along with 265 one-bedroom and 171 two-bedroom apartments.

Gain on the sale of Springcreek is approximately $500,000, based on book value, which is being invested in Southern Meadows.

Home Properties, a REIT that specializes in multifamily properties, operates 312 communities with 51,059 units, and manages one million sf of commercial space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.