Home Properties Shuffles $50 Million in Sales and Acquisitions

ROCHESTER, NY-Officials with Home Properties reports that it has redeployed approximately $50 million worth of properties by acquiring two communities in Illinois and Maryland and selling five developments in the Northeast and Mid Atlantic.

The 10th largest apartment REIT in the United States acquired Courtyard Village Apartments, a 224-unit complex in Naperville IL for $12.8 million. The company also reports it has purchased The Manor, a 435-unit apartment community in Silver Spring, Maryland for $36.4 million. Courtyard Village, located on Route 59 about 30 miles outside of Chicago, is 97% leased. The Manor, situated in the Aspen Hill section along Georgia Ave., approximately 20 miles north of Washington, DC, is 98.7% occupied.

Officials with Home Properties add that the company expects to spend approximately $1.1 million and $1.7 million on improvements at the Courtyard Village and The Manor properties respectively.