ROCHESTER, N.Y., May 23, 2012 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced that it recently purchased two apartment communities for a total of $112.2 million. On May 11, 2012, it purchased Hunter's Crossing in Leesburg, Virginia, renamed The Manor East, for $16.2 million. On May 17, 2012, it purchased Woodway at Trinity Centre in Centreville, Virginia for $96.0 million. The Company also announced that it has begun marketing 10 properties for sale in the Baltimore, Washington, D.C., Philadelphia and Long Island regions.
"In addition to completing our first acquisitions of 2012, we also have begun marketing properties for sale in several of our regions," said Edward J. Pettinella, Home Properties President and CEO. "We believe it is prudent to harvest the value in properties we have owned and managed profitably for many years and redeploy the proceeds to buy properties with greater future potential. Both acquisitions and dispositions are occurring within our existing geographic footprint, which is very viable for the long term. We currently don't anticipate a substantial change in the proportion of units we own in various regions."
The Manor East (164 units) was purchased for $16.2 million (before mortgage assumption fair market value adjustment), which equates to approximately $99,000 per apartment unit. Consideration for the purchase included the assumption of a fixed-rate note with an aggregate principal balance of $6.7 million at the contractual interest rate of 5.69% maturing April 1, 2016, with the balance paid in cash. At closing, the property was 98.0% occupied at monthly rents averaging $1,050. The property is adjacent to The Manor, a 198-unit apartment community owned by Home Properties since 1999. The two properties are separated only by a chain link fence, which will be removed. They are located 15 minutes from the Reston- Herndon corridor with more than 26 million square feet of office space and a variety of technology-oriented businesses. The Manor East has excellent access to the Dulles toll road and highway system, shopping, employment centers and recreational opportunities. Historic Leesburg is two miles away.Completed in 1964, The Manor East consists of 164 units in fifteen three-story brick garden-style apartment buildings with pitched roofs. There are 75 one-bedroom units and 89 two-bedroom units. The average unit size is 822 square feet. The property has individual gas-fired HVAC and central hot water systems. Common area amenities include a pool and fitness center.
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