Home Properties plans to buy two apartment communities in Northern Virginia for $225 million
- September 25, 2011
Home Properties, based out of Rochester, N.Y., has entered into contracts to buy Somerset Manor in Leesburg and Newport Village in Alexandria for $225 million, according to Citybizlist. The larger of the two properties is Newport Village, a 937-unit project that Home Properties will acquire for $205 million, or $219,000 per unit. Somerset Manor has108 units and drew an offer of $20.2 million or about $188,000 per unit. Home Properties plans to close the deal by mid-October, following completion of due diligence.