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SPRINGFIELD, VA-Rochester, NY-based Home Properties forks over $34.2 million to Atlanta’s Security Capital Atlantic Inc. in return for ownership of the 244-unit West Springfield Terrace apartment community. Home Properties is planning to invest an additional $1 million in upgrades to the complex over the next several years. Fairfax County records list the property’s 2002 value at nearly $24.5 million. Security Capital paid $16.1 million for the apartments in 1996.

West Springfield Terrace occupies a 13.5-acre plot on 8525 Burling Wood Dr., which is within close proximity to the Capital Beltway. The all brick, multi-structure community consists of 17 buildings at three and four stories high, and a two-story leasing and community center that houses the fitness center. There is also a tennis court and picnic area on the grounds. Built nearly a quarter century ago, the property underwent remodeling in 1990. The tenant occupancy level was a tad over 95% at the time of the sale.

“Based on our historic success in the suburban Washington, DC area, our strategy is to expand further in this market,” said Home Properties chairman/co-CEO Norman Leenhouts. “Even with a weaker economy, same store rental rates in the region for the first nine months of the year are up 9.6% compared to the same period last year, with net operating income up 10.2%.”

Company officials spent about $74 million earlier this year to add the 864-unit Gaithersburg, MD-based Cider Mill apartment complex to its portfolio. The West Springfield Terrace buy brings Home Properties’ presence in the Washington, DC region up to 15 complexes totaling nearly 6,300 units. So far this year, the company has spent nearly $400 million total on acquisitions.

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