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<\/a>on May 23 announced that\u00a0it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in Centreville was purchased on May 17 for $96 million, or approximately $190,000 per unit.<\/p>\nHunter’s Crossing was renamed The Manor East after its purchase. The property was completed in 1964 and consists of 164 units (75 one-bedroom units and 89 two-bedroom units) in 15 three-story brick garden-style apartment buildings with pitched roofs. With an average unit size of 822 square feet, The Manor East includes individual gas-fired HVAC and central hot water systems and features such amenities as a pool and fitness center.<\/p>\n
The Manor East is adjacent to the Manor, a 198-unit apartment community owned by Home Properties since 1999, with only a chain link fence separating the two properties. The fence will be removed.<\/p>\n
At closing, The Manor East was 98 percent occupied, with an average monthly rent of $1,050. Home Properties expects to spend $2.8 million over the next three years, in addition to normal capital expenditures, to upgrade the property.<\/p>\n
The 504-unit Woodway at Trinity Centre was completed in 1997 and is situated near Interstate 66 and Route 28. It includes 252 one-bedroom units and 252 two-bedroom units in 18 three-story wood-frame buildings with concrete slab and poured foundations and pitched roofs. The property was\u00a0 97.2 percent occupied at closing, with a monthly average rent of $1,377.<\/p>\n
Building exteriors incorporate breezeways with steel stairways and concrete treads. All units have full-size washers and dryers, electric heat pumps, pad-mounted condensing units and electric water heaters. The average unit size is 908 square feet. Amenities include a large community center with a fitness center, business center and pool; two tot lots; and a car wash area. In addition to normal expenditures, Home Properties expects to spend $3.9 million over the next three years to upgrade and renovate the property.<\/p>\n
Image courtesy of Yelp.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. Woodway at Trinity Centre in […]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004052428","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"\n
Home Properties Buys Two Virginia Apartment Communities for $112.2M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/home-properties-buys-two-virginia-apartment-communities-for-112-2m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home Properties Buys Two Virginia Apartment Communities for $112.2M\" \/>\n<meta property=\"og:description\" content=\"By Adrian Maties, Associate Editor Home Properties Inc. (NYSE: HME) on May 23 announced that it paid a total of $112.2 million in recent weeks for the acquisition of two Virginia apartment communities. Hunter’s Crossing in Leesburg was purchased on May 11 for $16.2 million, or approximately $99,000 per apartment unit. 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