Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SILVER SPRING, MD-Home Properties has acquired one apartment complex here and sold four others in the Baltimore area as part of a larger acquisition and disposition of assets. The apartment REIT acquired The Manor, located here, for $36.4 million. The apartment community has 435 units, and it is 98.7% occupied with monthly rents averaging $964. The Manor is located on Georgia Avenue, was constructed in 1969 and has 12 three-story garden-style buildings. Home Properties expects to invest about $1.7 million on renovations. A second property, Courtyards Village Apartments in Naperville, IL, was acquired for $12.8 million. Courtyards has 224 units.

At the same time Home bought these two communities it sold five properties, including four in the Baltimore area. It sold Country Club Apartments with 150 units, Doubt Meadow Townhomes with 95 units, Laurel Pines Apartments with 236 units and Strawberry Hill Apartments with 145 units. The company also sold Riverdale Apartments with 580 units in Hampton, VA and Hamlet Court with 98 units in the company’s hometown of Rochester. The price for all six properties was $50 million.

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.