This Week
  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Jean Maess is the site executive for Thomson Reuters, a top local employer.

  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Kelby Russell wants you to know: Local wines are among the world's finest.

  • The nominees for the upcoming 2014 Philanthropy Awards are profiled.

  • WebTitle Agency continues to grow following its 2012 merger with Customized Lenders Services.

Home Properties sells property for $110 million

Rochester Business Journal
February 28, 2014

Home Properties Inc. said Friday it has sold an 864-unit apartment community in Maryland for $110 million.

Net proceeds for the Cider Mill property, after closing costs and $58.5 million in secured debt repayment, were $47.5 million. A gain of some $31 million will be recorded in the first quarter, the company said.

“The sale of Cider Mill is consistent with our strategy to lighten our Washington, D.C., region geographic concentration,” said Edward Pettinella, Home Properties’ president and CEO, in a statement.  “Because this property had been largely upgraded and was located in the weakest submarket of our D.C. region, the cap rate on the sale was higher than the average for property dispositions in 2013.”

Home Properties purchased Cider Mill in September 2002.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google