Home Properties Buys Apartment Community for $93M

By Adrian Maties, Associate Editor On Nov. 30, Home Properties Inc. purchased The Courts at Dulles apartment community. It paid paid $92.8 million in cash, or $226,000 per unit for the 411-unit property. The Courts at Dulles was built in 2000. Located in [...]

On Nov. 30, Home Properties Inc. purchased The Courts at Dulles apartment community. It paid paid $92.8 million in cash, or $226,000 per unit for the 411-unit property.

The Courts at Dulles was built in 2000. Located in Fairfax County, Va., just off Sunset Valley Drive, the Class A property is 26 miles west of Washington, D.C. and only a mile from Dulles International Airport. The apartment community includes 12 four-story, garden-style buildings. It has 193 single-bedroom, 179 two-bedroom and 39 three-bedroom apartments, with an average unit size of 968 square feet.

The units are heated with hydronic gas, with pad-mounted condenser units. All apartments are equipped with smoke detectors and wet-pipe sprinkler systems. Unit amenities include private balconies, patios or terraces, fully equipped kitchens with vinyl-tile flooring, bathrooms with garden soaking tubs and ceramic-tile flooring, full-size washers and dryers, linen closets, walk-in closets, pantries, track lighting, nine-foot ceilings, crown molding and ceiling fans.

Roofs are pitched with asphalt shingles, while the exteriors are vinyl-sided with vinyl-clad windows and stone veneer on the ground floor. Common-area amenities include a pool with fountains and sundeck, a 24-hour fitness center, an English-style pub lounge with billiards and foosball tables, a wet bar and flat-panel television, a business center and conference room, a resident lounge with fireplace, WiFi, barbecue grills, a full-size basketball court and an onsite concierge. At closing, it was 95.6 percent occupied, with an average rent of $1,539. During the first four years of ownership, Home Properties expects to spend approximately $2 million on improvements, in addition to normal capital expenditures.

Home Properties is a publicly traded apartment real estate investment trust with operations primarily located along the East Coast of the United States. The company owns, operates, develops, acquires and rehabilitates apartment communities. Currently, Home Properties owns and operates 24 communities containing 41,909 apartment units. Year-to-date, the company has purchased $500.8 million in apartment assets.