One Man’s Treasure

Home acquired the 257-unit, 1970s-era Crescent Club Apartments in Coram, N.Y., (“before” and “after” exterior photos pictured) in 2010.

Home Properties’ units are in close-in suburban submarkets of major East Coast ­cities. The New York region, where the 452-unit Southern Meadows (pictured) is located, accounts for 17 percent of the REIT’s portfolio.

Hackensack Gardens in New Jersey is one of the 219 communities that Home Properties has acquired and repositioned since its IPO 18 years ago. The 1940s-era property (“before” and “after” kitchen photos pictured) was a Class C asset in a Class B area. Older properties like this 198-unit community tend to have closed floor plans, so Home usually removes the kitchen walls to open up the units.

Home Properties expects complete repositioning of a community to take five to seven years. Properties such as The Village at Potomac Falls in Sterling, Va., (pictured) benefit from upgraded kitchens and baths.

Over the past 13 years, Home has ranked as the third–most active acquirer in the apartment REIT sector, buying 1,797 units. It bought the 363-unit William Henry Apartments in Malvern, Pa., (pictured) in 2000.

Join the Discussion

Please read our Content Guidelines before posting

Close X