Home Properties, Inc. Announces Acquisition for $20.3M in Cash

Home Properties, Inc.

today announced that, on October 11, 2011, it purchased an apartment community in Leesburg, VA, for a total purchase price of $20.25 million. Year-to-date, the Company has purchased assets of approximately $183 million. "The acquisition of Somerset Park plus the expected purchase of at least one other property in the Mid-Atlantic region by year end will bring our total acquisitions for the year to more than $385 million, exceeding the $200 million to $350 million range we projected at the beginning of the year," said Edward J. Pettinella, President and CEO of Home Properties. "We are confident these acquisitions in strategically targeted geographic areas will enhance future value for our shareholders."