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BALTIMORE METRO-Home Properties has announced its recent acquisition of two apartment complexes in the Baltimore, MD-area towns of Gaithersburg and Greenbelt, MD for the aggregate sum of $115 million. Both multi-family property purchases bring the company’s total number of dollars spent on acquisitions since its 1994 initial public offering to $2.1 billion. “It is very gratifying to reach the $2 billion mark in acquisitions, particularly in a very competitive market,” says Home Properties chairman and CEO Norman P. Leenhouts. “We expect to exceed our original budgeted pace by completing approximately $400 million in acquisitions in our target markets by year end.”

In Gaithersburg, Home Properties snapped up the 591-unit Brittany Place apartment complex in a $41.3 million deal that with seller Brae Brooke Village Association Limited Partnership. The deal includes a $17.9-million debt assumption on the property, which carries a 2002 assessed value of $17.1 million. Located on a 25-acre plot within sight of NASA’s Goddard Space Flight Center, Brittany Place reached full construction completion in 1966 and consists of 17 low-rise structures.

Cider Mill apartments on Lost Knife Circle in Gaithersburg joined the Hope Properties portfolio for $73.7 million. Also built in two phases and completed in 1973, the property comes with a $40.9 million mortgage. The 864-unit complex is situated off I-270 in the Montgomery Village community, and consists of 24 three-story structures on a 13.4-acre parcel of land. County records estimate the property’s current assessed value at just over $15 million.

Over the next few years, the Rochester, NY-based REIT plans to spend $16.2 million upgrading the two complexes. “Our niche of revitalizing properties through extensive rehabilitation in high barrier to entry geographic markets provides a high incremental return even in a weak economy, “Leenhouts says in remarks on the company’s second quarter earnings results.

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