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Home Properties sells property for $110 million

By ANDREA DECKERT - 2/28/2014 3:46:50 PM

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.

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