Home Properties just announced the March 2013 sale of two properties with a combined total of 511 units for $109.1 million.
Falkland Chase, a 450-apartment property in Silver Spring, Maryland, was sold for $98 million, or approximately $218,000 per unit.
The property consists of three parcels, one of which contains 182 garden apartments and has approval for development of upto 1,250 apartments in four high-rise buildings and 70,000 s/f of retail.
“The sale of Falkland Chase monetizes the value of entitlements we obtained to increase the density on the north parcel of this property,” said Edward J. Pettinella, Home Properties’ president and CEO. “The sale also is consistent with our strategy to lighten our development exposure and D.C. region geographic concentration.”
The buyer, Chevy Chase-based JBG Cos. plans to hold the site as an investment property, according to reports.. Jones Lang LaSalle Capital Markets managing directors Al Cissel and Scott Melnick brokered the sale.
South Bay Manor, a 61-units property in Sayville, New York, was also sold for $11.1 million, or $182,000 per unit. Home Properties purchased South Bay Manor in September 2000.
The company expects to use proceeds from both sales to reduce secured debt and for property acquisitions.