Multifamily real estate investment trust (REIT) Home Properties has completed the acquisition of Newport Village, an apartment community in Alexandria, Virginia. The New York–based trust has paid a total of $205 million for the acquisition.

During the first four years of ownership, Home Properties may spend about $17 million, in addition to normal capital expenditures, for the improvement of units upon turnover. The 937 units apartment community was 92.1 percent-rented at the time of acquisition.

Click here for the release from PR Newswire.