Home Properties Inc. has revealed details about its purchase of two apartment communities: The Gates of Deer Grove in Palatine, IL. for $20.2 million and The Courts at Dulles in Herndon, VA. for $92.75 million. With these transactions, Home Properties purchases for 2011 have reached $500.8 million.
On November 30, Home Properties purchased The Courts at Dulles, an A-class property located in Fairfax County in Virginia, just off Sunset Valley Drive. The 411-unit apartment community is 26 miles west of Washington, D.C. and only a mile from Dulles International Airport. It consists of 12 four-story garden-style buildings, which hold 193 single-bedroom, 179 two-bedroom, and 39 three-bedroom apartments, with an average unit size of 968 square feet. At the time of closing, the apartment units were 95.6% occupied with an average rent of $1,539.
Renovated in 2008, The Gates of Deer Grove is a 204-unit apartment community with six three-story garden-style buildings. These include 116 one-bedroom units and 82 two-bedroom units with an average unit size of 896 square feet. Part of the renovation included new kitchen counter tops, kitchen cabinets, appliances, fixtures, bathroom cabinets, counter tops, and fixtures. At the time of closing, the apartment units were 98% occupied with an average rent of $1,030. The Gates of Deer Grove is located on Dundee Road in the northwest suburbs of Chicago, IL. It is situated near a shopping center as well as the Deer Grove Forest Preserve.
Home Properties Inc. is an apartment real estate investment trust (REIT) with 124 apartment communities containing 41,909 units. Home Properties specializes in acquiring, rehabilitating, developing, and operating apartment communities in several U.S. states, primarily along the east coast.