Home Properties Sells Two Apartments for $109M

Home Properties Sells Two Apartments for $109M

NEW YORK—Rochester, N.Y.-based Home Properties has sold two properties in two states for a combined total of more than $109.0 million.

The first property, Falkland Chase, was sold for $98.0 million and is located in Silver Spring, Md. Containing 450 apartment units, the property consists of three parcels and is approved for 70,000 sq. ft. of retail space. Net proceeds to Home Properties, after closing costs and debt repayments, were $60.3 million. 

The second property sold by Home Properties is South Bay Manor, in Sayville, N.Y., a multifamily property containing 61 units, which traded for just more than $11.0 million. Net proceeds to the seller, after closing costs and deb assumed by the buyer, were approximately $4.4 million.

“The sale of Falkland Chase monetizes the value of entitlements we obtained to increase the density on the north parcel of this property,” said Edward J. Pettinella, Home Properties’ president and CEO.  “The sale also is consistent with our strategy to lighten our development exposure and D.C. region geographic concentration.”

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