Home Properties

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Home Properties
Privately Held
Industry Apartments
Predecessor Home Leasing Corporation
Founded November 13, 1993 (1993-11-13)
Founder Nelson B. Leenhouts
Norman P. Leenhouts
Headquarters Rochester, New York
Revenue Increase $0.671 billion (2014)
Decrease $0.189 billion (2014)
Total assets Increase $4.488 billion (2014)
Total equity Increase $1.653 billion (2014)
Owner Lone Star Funds
Number of employees
1,200 (2014)
Website www.homeproperties.com
Footnotes / references
[1]

Home Properties owns, operates, acquires, and renovates 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 is owned by Lone Star Funds.

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

History[edit]

Headquarters in downtown Rochester, New York

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 2001, the company acquired a property on Long Island for $46.5 million.[5]

In 2002, the company acquired more properties on Long Island for $147.3 million.[6]

In February 2003, the company acquired a property in Stoughton, Massachusetts for $34 million.[7]

In September 2003, the company acquired a property in Silver, Spring, Maryland for $58.9 million.[8] The company sold the property in April 2013.[9]

Effective January 1, 2004, Edward J. Pettinella was named President and CEO.[10]

In April 2004, the company acquired Village at Marshfield in Mansfield, Massachusetts for $27 million.[11]

In December 2005, the company acquired two contiguous apartment communities, Peppertree Farm and Cinnamon Run, in Silver Spring, Maryland for $172 million.[12]

In September 2006, the company acquired 2 properties in Marlborough, Massachusetts for $83 million.[13]

In December 2006, the company acquired a property in Glen Burnie, Maryland for $67.1 million.[14] The company sold the property for $76.25 million in May 2015.[15]

In March 2007, the company acquired a property in Beverly, Massachusetts for $36.4 million.[16]

In October 2010, the company acquired a property in Suffolk County, New York for $31.3 million.[17]

In September 2011, the company acquired a property in White Marsh, Maryland for $90.4 million.[18]

In July 2012, the company acquired a property in Ellicott City, Maryland for $186 million.[19]

In December 2013, the company acquired a property in Brookhaven, Pennsylvania for $15.5 million.[20]

In February 2014, the company sold a property in Montgomery Village, Maryland for $110 million.[21]

In February 2015, the company acquired a property in Matawan, New Jersey for $31 million.[22]

In October 2015, Lone Star Funds acquired the company.[23]

References[edit]

  1. ^ a b "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. ^ McFadden, Iolaire (August 21, 2001). "Home Properties Expands on Long Island". CoStar Group. 
  6. ^ Brown, Walt (March 5, 2002). "More L.I. Homes for Home Properties". CoStar Group. 
  7. ^ "Home Properties buys Stoughton apartments for $34M". American City Business Journals. February 26, 2003. 
  8. ^ Clabaugh, Jeff (September 16, 2003). "N.Y. co. buys Silver Spring apartments". American City Business Journals. 
  9. ^ Sernovitz, Daniel J. (April 2, 2013). "Home Properties sheds Falkland Chase apartments". American City Business Journals. 
  10. ^ "Home Properties Names Pettinella President and CEO; January 1, 2004 Appointment to Complete Management Succession Plan" (Press release). PR Newswire. October 29, 2003. 
  11. ^ Heschmeyer, Mark (April 14, 2004). "Home Properties Acquires Apartment Community". CoStar Group. 
  12. ^ "Home Properties Announces Acquisitions and Provides Stock Repurchase Update" (Press release). Business Wire. January 5, 2006. 
  13. ^ Woolfolk, Daneeque (September 20, 2006). "Home Properties Buys Marlborough Multifamilies for $83M". CoStar Group. 
  14. ^ March, Lauren (December 14, 2006). "Home Properties Buys 469-Unit Berkshires Complex in Suburban Baltimore". CoStar Group. 
  15. ^ Sharrow, Ryan (May 21, 2015). "Glen Burnie apartment complex sells for $76.25M". American City Business Journals. 
  16. ^ "Home Properties buys Windsor Courts in Beverly". American City Business Journals. March 20, 2007. 
  17. ^ Fralick, Kelsey (October 19, 2010). "Home Properties Acquires Crescent Club Apts. in Brookhaven". CoStar Group. 
  18. ^ Sharrow, Ryan (September 21, 2011). "Home Properties pays $90.4M for White Marsh apartment complex". American City Business Journals. 
  19. ^ Sharrow, Ryan (July 2, 2012). "Home Properties pays $186M for Ellicott City apartment complex". American City Business Journals. 
  20. ^ Kostelni, Natalie (December 11, 2013). "Home Properties picks up another local apartment complex". American City Business Journals. 
  21. ^ Sernovitz, Daniel J. (February 28, 2014). "Montgomery Village apartment complex sells for $110 million". American City Business Journals. 
  22. ^ "Home Properties Acquires Apartment Community" (Press release). PR Newswire. February 24, 2015. 
  23. ^ "Home Properties Completes Sale to Lone Star Funds" (Press release). PR Newswire. October 7, 2015.