Brokers & Sellers > Acquisition Criteria

Acquisition Criteria

Home Properties plans to invest $500 million in the purchase of multi-family communities in the next 12 months. Home Properties is aggressive in pricing and will consider upside potential as added value.

Geographic Area

Properties prefers properties in well-located suburbs of the following major target markets including New York/New Jersey/Hudson Valley, SE Florida, Tampa, Boston, Washington D.C./Northern Virginia, Baltimore, Philadelphia and Chicago.

Size & Type

Home Properties prefers 200 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
  
• John C. Scharlock
  Vice President
  Acquisitions/Dispositions
  585-295-4221
  
• Michael Glick
  Acquisitions
  NY Metro/Northern NJ/Hudson Valley
  212-661-7660