$34.2 Million for West Springfield Terrace

Home Properties (NYSE:HME) acquired West Springfield Terrace in the Washington, D.C. suburb of Springfield, VA, on November 18, 2002. The total purchase price of $34.2 million, including closing costs, for the 244 units, equates to approximately $140,000 per apartment unit. The purchase was funded from the company's line of credit. The property is currently 95.3% occupied with monthly rents averaging $1,227. Home Properties now owns 15 apartment communities in the suburban Washington, D.C. region with 6,279 units.