Market Overview

Home Properties Announces Acquisition and Disposition Activity

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Home Properties, Inc. (NYSE: HME) today announced that it acquired two apartment communities and sold three over the course of the past three months.

"We were very focused on acquisitions and dispositions in 2014," said Edward J. Pettinella, President and Chief Executive Officer. "Over the course of the past three months, we completed $158 million in acquisitions and $157 million in dispositions. As a result of these transactions, we added communities meeting our stringent investment criteria in one of our smaller markets, reduced our D.C. footprint, and demonstrated the success of our investment and repositioning strategy by generating an 11.3% unlevered IRR on the three dispositions."

Acquisitions

The Company added 1,138 units in its Chicago region at a cost of $158 million.

On November 12, 2014, the Company acquired The Lakes of Schaumburg, a 428 unit apartment community in Schaumburg, Illinois, an affluent submarket of Chicago. The Lakes of Schaumburg benefits from excellent access to three major Chicago area expressways and is only nine miles from O'Hare International Airport.

Built in 1987, the property consists of 15 two-story and 12 three-story garden-style apartment buildings with brick exteriors. Each unit has a patio or balcony.

For the period from November 12

See full press release

Posted-In: News Press Releases

 

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