Lone Star Takes Home Properties Private
ByExperience GlobeSt.com’s new dedicated city pages, including Austin, Atlanta, San Diego and Boston. Plus, to get our weekly digests, update your profile.
Home Properties’ portfolio includes 121 apartment communities, including Cambridge Village/Yorkshire Village in Levittown, NY.
DALLAS—An affiliate of Lone Star Funds will take apartment REIT Home Properties Inc. in a deal valued at approximately $7.6 billion including debt. When the merger is finalized, Home Properties will sell up to six multifamilyproperties in the Washington, DC area to UDR Inc., a Highlands Ranch, CO-based apartment REIT.
This is Lone Star’s second large apartment purchase recently, and follows the 2014 acquisition of a 64-property, 20,439 unit portfolio. Hugh J. Ward III, co-head of real estate investments at Dallas-based Lone Star, say the deal for Rochester, NY-based Home Properties is “consistent with our strategy of buying primarily class B apartments, including workforce housing, located in in-fill markets with strong underlying fundamentals.”…
