Home Properties plans to buy two apartment communities in Northern Virginia for $225 million
September 25, 2011 6:57 PMHome 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.
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