Home Properties has sold two apartment properties with a total of 511 units for $109.1 million. The purchaser was not announced.
Located in Silver Spring, Maryland, the 450-unit Falkland Chase was sold for $98 million, or about $218,000 per unit. The north lot currently has 182 apartments with approval to develop a maximum of 1,250 multifamily units in four high-rise buildings and 70,000 square feet of retail space. Net proceeds to Home Properties were $60.3 million after closing costs and $35.9 million in debt repayments, with a capitalization rate of 5.5 percent, the company announced.
The 61-unit South Bay Manor, located in Sayville, New York, sold for $11.1 million, or $182,000 per unit. Net proceeds to Home Properties were $4.4 million after closing costs and $6.5 million in debt assumed by the buyer, with a capitalization rate of 6.4 percent.