Commenting on its deal in Boston, Nelson Leenhouts, president and co-chief executive officer of Home Properties says, "We are very pleased to enter the suburban Boston market, the last of six geographic markets we had targeted for future growth, with such a quality property in a location we consider nearly perfect. The multifamily market in Boston has stabilized and improved considerably since earlier in the year, with concessions having all but disappeared. This increases our optimism that we can enhance Gardencrest in a way that will benefit both the community's residents and Home Properties' shareholders."

The Gardencrest acquisition adds up to Home Properties paying approximately $122,000 per apartment. The deal included the assumption of a $5.6 million existing mortgage, $21.8 million in cash and $58 million from the company's line of credit, according to Home Properties officials. The company states it expects to spend in excess of $10 million in community-wide improvements during the first few years of operation.

The Gardencrest property is currently 95 percent occupied with monthly rents averaging approximately $1,004. Built in several phases between 1948 and 1973, there are 64 apartment buildings situated on 33 acres, which house garden-style apartments and townhomes. Community amenities include a large in-ground pool, a 1,600-sf pool house and two putting greens. The complex consists of 11 studio apartments, 138 one-bedroom units, 500 two-bedroom units and 47 three-bedroom apartments.