Lone Star Completes $7.6B Home Properties Buy
ByNetwork with the nation’s top CRE dealmakers at RealShare APARTMENTS in Los Angeles on Oct 21-22,RealShare INDUSTRIAL in Atlanta on Nov 3-4, RealShare NEW LEASE WEST in Los Angeles on Nov 11-12 andRealShare HEALTHCARE REAL ESTATE in Scottsdale, AZ on Dec 2-3.
Home Properties’ portfolio runs to 108 apartment communities, including Lakes of Schaumburg in the Chicago suburb of Schaumburg, IL.
ROCHESTER, NY—Shares of Home Properties ceased trading after the markets closed Wednesday, as the locally based apartment REIT completed its transition to private ownership. Dallas-based Lone Star Funds had set Wednesday as the date to close on its $7.6-billion purchase of Home Properties, including the assumption of debt.
As GlobeSt.com Erika Morphy reports, the closing of the Lone Star acquisition of Home Properties also meant the finalization of UDR Inc.’s agreement to acquire six properties totaling more than 3,200 units from Home Properties, a deal that Highlands Ranch, CO-based UDR is funding in part through a 1031 exchange. The UDR deal brings Home Properties’ portfolio down to 36,341 apartment units across 108 properties, located mainly on the East Coast and in the suburbs of Chicago…
