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Home Properties Sells D.C.-Area Apartments for $76.1Mln

By Tony Seruga

Home Properties Inc. has sold the 469-unit Coves at Chesapeake in the Washington, D.C., suburb of Glen Burnie, Md., for $76.1 million, or roughly $163,330/unit.

The Rochester, N.Y., REIT sold the property, at 6533 Cedar Furnace Circle, to Quest Management Group of Baltimore, which has renamed it Townes at Heritage Hill.

Quest has lined up $62.2 million of Freddie Mac financing from Capital One Multifamily Finance against the property. The loan matures in April 2022…

Home Properties Sells D.C.-Area Apartments for $76.1Mln

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