Home Properties typically invests $200 - $300 million annually to acquire multi-family communities. We are looking to partner with brokers and sellers as we actively seek new acquisitions.
Geographic Area
Home Properties prefers properties in well-located suburbs of the following major target markets including New York-Long Island/New Jersey, Boston, Washington D.C./Northern Virginia, Baltimore, Philadelphia, and Chicago.
Size & Type
Home Properties prefers 150 units or more of garden style 2-4 story apartments, brick if possible, Class A, B, or C communities in A or B locations. Value added or redevelopment/rehab potential a plus. Smaller properties in Northern New Jersey, Long Island, or near an existing Home Properties' community may be considered. Large portfolios are especially desirable and receive top priority.
Terms
Home Properties will pay all cash, cash over an existing mortgage, or tax deferred (to seller) operating partnership units. Home Properties will close quickly with minimal contingencies and work closely with a seller to accommodate any special tax or partnership concerns.
Tax Deferral Options
Home Properties is proficient at designing tax-deferred transactions either by issuing operating partnership units exchangeable for Home Properties' stock (UPREIT) or by accommodating a seller in a tax-deferred exchange.
Brokers
Home Properties respects brokers' efforts and involvement. Home Properties is always mindful of rightful agency and a commission due a broker. Provided the broker has authorized agency from a seller, Home Properties will honor that agency and endeavor to protect it. In the event a seller has not previously agreed to pay a commission, Home Properties may enter into an arrangement to pay a buyer broker to act on its behalf.
Submittal Information
Home Properties will respond promptly upon receipt of the following: property name, address and location, complete property description, 3 years' actual operating and year-to-date statements, current rent roll, financing detail, color photographs, and site plan or survey.
Submit information to:
John E. Smith, CCIM
Chief Investment Officer
Senior Vice President
(585) 262-9314