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

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Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

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Long Island Long Island is a densely populated island in the southeastern region of the U.S. state of New York (state), New York, part of the New York metropolitan area. With over 8 million people, Long Island is the most populous island in the United Sta ...

, Northern

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

Boston Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

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Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. 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.

History

Home Properties dates back to Home Leasing Corporation, a company founded in 1967 by twin brothers Nelson and Norman Leenhouts. Home Properties, Inc. was formed in 1993 and, on August 4, 1994, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. In February 2003, the company acquired a property in

Stoughton, Massachusetts Stoughton (official name: Town of Stoughton) is a town in Norfolk County, Massachusetts, United States. The population was 29,281 at the 2020 census. The town is located approximately from Boston, from Providence, Rhode Island, and from Cape ...

for $34 million. In September 2003, the company acquired a property in Silver, Spring, Maryland for $58.9 million. The company sold the property in April 2013. Effective January 1, 2004, Edward J. Pettinella was named president and CEO. In December 2005, the company acquired two contiguous apartment communities, Peppertree Farm and Cinnamon Run, in

Silver Spring, Maryland Silver Spring is a census-designated place (CDP) in southeastern Montgomery County, Maryland, United States, near Washington, D.C. Although officially unincorporated, in practice it is an edge city, with a population of 81,015 at the 2020 censu ...

for $172 million. In March 2007, the company acquired a property in

Beverly, Massachusetts Beverly is a city in Essex County, Massachusetts, and a suburb of Boston. The population was 42,670 at the time of the 2020 United States Census. A resort, residential, and manufacturing community on the Massachusetts North Shore, Beverly incl ...

for $36.4 million. In September 2011, the company acquired a property in

White Marsh, Maryland White Marsh is an unincorporated community and census-designated place in Baltimore County, Maryland, United States. The population was 9,513 at the 2010 census. White Marsh is a northeast suburb of Baltimore. History In 1965, the largely undev ...

for $90.4 million. In July 2012, the company acquired a property in

Ellicott City, Maryland Ellicott City is an unincorporated community and census-designated place in, and the county seat of, Howard County, Maryland, United States. Part of the Baltimore metropolitan area, its population was 65,834 at the 2010 census, making it the mo ...

for $186 million. In December 2013, the company acquired a property in Brookhaven, Pennsylvania for $15.5 million. In February 2014, the company sold a property in

Montgomery Village, Maryland Montgomery Village is a census-designated place (CDP) in Montgomery County, Maryland, United States, and a northern suburb of Washington, D.C. It is a large, planned suburban community, developed in the late 1960s and 1970s just outside Gaithers ...

for $110 million. In February 2015, the company acquired a property in

Matawan, New Jersey Matawan is a borough in Monmouth County, in the U.S. state of New Jersey. A historic community located near the Raritan Bay in the much larger Raritan Valley region, the borough is a commuter town of New York City within the New York Metropol ...

for $31 million. In October 2015, Lone Star Funds acquired the company.

References

{Reflist, 1 1993 establishments in New York (state) Defunct real estate companies of the United States Real estate companies established in 1993