The complex is located twenty miles south of Boston and is currently 89% occupied, with monthly rents averaging $1,081. It was built in 1972 and renovated in 2002 and currently consists of 23 two and one-half story buildings. Among its features are a community center with leasing office, fitness center, swimming pool, tennis courts and play area. The unit mix consists of 127 one bedroom and 149 two-bedroom units with an average size of 753 sf.

Home Properties expects to invest approximately $600,000 in improvements to the facility over the next few years. The company anticipates a 7.6% initial capitalization rate on this acquisition.

The deal is one of three apartment communities Home Properties, a Rochester, NY-based apartment company, recently acquired. The other two are located in Maryland. The company has completed more than $100 million in property acquisitions this quarter, says Edward J. Pettinella, president and CEO. "We are on pace to acquire the $250 million in apartment properties during 2004 that we projected earlier this year."