Lone Star Takes Home Properties Private


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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.”…

Lone Star Takes Home Properties Private

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