Home Properties

Last updated
Home Properties
Industry Apartments
PredecessorHome Leasing Corporation
FoundedNovember 13, 1993;29 years ago (1993-11-13)
FounderNelson B. Leenhouts
Norman P. Leenhouts
FateAcquired by Lone Star Funds and dissolved
Headquarters
Rochester, New York
Revenue$0.671 billion (2014)
$0.189 billion (2014)
Total assets $4.488 billion (2014)
Total equity $1.653 billion (2014)
Number of employees
1,200 (2014)
Website www.homeproperties.com
Footnotes /references
[1]
Headquarters in downtown Rochester, New York Home Properties headquarters.JPG
Headquarters in downtown Rochester, New York

Home Properties was a real estate management company that owned, operated, acquired, and renovated apartment communities. As of December 31, 2014, the company owned 42,107 apartment units, all of which were in Washington, D.C., Baltimore, Philadelphia, Long Island, Northern New Jersey, Boston, Chicago, and Florida. The company was acquired by Lone Star Funds in 2015 and dissolved.

The company specialized in acquiring older "Class C" and "Class B-" apartment communities and upgrading them to at least "Class B" quality. [2] [3]

History

Home Properties dates back to Home Leasing Corporation, a company founded in 1967 by twin brothers Nelson and Norman Leenhouts. [4]

Home Properties, Inc. was formed in 1993 and, on August 4, 1994, the company became a public company via an initial public offering. [1]

In February 2003, the company acquired a property in Stoughton, Massachusetts for $34 million. [5]

In September 2003, the company acquired a property in Silver, Spring, Maryland for $58.9 million. [6] The company sold the property in April 2013. [7]

Effective January 1, 2004, Edward J. Pettinella was named president and CEO. [8]

In December 2005, the company acquired two contiguous apartment communities, Peppertree Farm and Cinnamon Run, in Silver Spring, Maryland for $172 million. [9]

In March 2007, the company acquired a property in Beverly, Massachusetts for $36.4 million. [10]

In September 2011, the company acquired a property in White Marsh, Maryland for $90.4 million. [11]

In July 2012, the company acquired a property in Ellicott City, Maryland for $186 million. [12]

In December 2013, the company acquired a property in Brookhaven, Pennsylvania for $15.5 million. [13]

In February 2014, the company sold a property in Montgomery Village, Maryland for $110 million. [14] [15]

In February 2015, the company acquired a property in Matawan, New Jersey for $31 million. [16]

In October 2015, Lone Star Funds acquired the company. [17]

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References

  1. 1 2 "HOME PROPERTIES, INC. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ Lupkin, Miriam (May 3, 2005). "There's No Place Like Home". Multifamily Executive.
  3. ↑ Popovec, Jennifer Duell (April 9, 2013). "Home Properties Does Total Rehab". Multifamily Executive.
  4. ↑ "University Life Trustee Norman Leenhouts dies at age 81". University of Rochester . January 9, 2017.
  5. ↑ "Home Properties buys Stoughton apartments for $34M". American City Business Journals. February 26, 2003.
  6. ↑ Clabaugh, Jeff (September 16, 2003). "N.Y. co. buys Silver Spring apartments". American City Business Journals .
  7. ↑ Sernovitz, Daniel J. (April 2, 2013). "Home Properties sheds Falkland Chase apartments". American City Business Journals .
  8. ↑ "Home Properties Names Pettinella President and CEO; January 1, 2004 Appointment to Complete Management Succession Plan" (Press release). PR Newswire. October 29, 2003.
  9. ↑ "Home Properties Announces Acquisitions and Provides Stock Repurchase Update" (Press release). Business Wire. January 5, 2006.
  10. ↑ "Home Properties buys Windsor Courts in Beverly". American City Business Journals . March 20, 2007.
  11. ↑ Sharrow, Ryan (September 21, 2011). "Home Properties pays $90.4M for White Marsh apartment complex". American City Business Journals .
  12. ↑ Sharrow, Ryan (July 2, 2012). "Home Properties pays $186M for Ellicott City apartment complex". American City Business Journals .
  13. ↑ Kostelni, Natalie (December 11, 2013). "Home Properties picks up another local apartment complex". American City Business Journals .
  14. ↑ Sernovitz, Daniel J. (February 28, 2014). "Montgomery Village apartment complex sells for $110 million". American City Business Journals .
  15. ↑ "The Donaldson Group and Angelo, Gordon & Co. Acquire 864-Unit Apartment Community In Montgomery Village, MD" (Press release). PRWeb. March 6, 2014.
  16. ↑ "Home Properties Acquires Apartment Community" (Press release). PR Newswire. February 24, 2015.
  17. ↑ "Home Properties Completes Sale to Lone Star Funds" (Press release). PR Newswire. October 7, 2015.
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