X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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 SPRING 2021Event

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

Get More Information
 

GlobeSt

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.