Warshof says both properties fit the firm's criteria for investing in older, garden-style complexes with attractive returns and allowed the company to gain a "more critical mass" of holdings in the Boston suburbs.

Built in 1973, the Heights at Marlborough consists of 17 two- and three-story buildings containing 100 one-bedroom, 197 two-bedroom and 24 three-bedroom units for a total of 348 individually metered units. The property, which includes a laundry room, outdoor pool, tennis and basketball court and a playground, was purchased for $48.9 million, or approximately $140,500 per unit.

The second acquisition, the 264-unit Meadows at Marlborough, was acquired for $34.4 million and consists of 14 three-story buildings comprised of 22 studio apartments, 80 one-bedroom units and 162 two-bedroom units. Built between 1969 and 1972, the property's amenities include tenant laundry rooms, outdoor pool, tennis court and resident storage units.

Warshof says Home Properties expects to spend about $3.7 million on both complexes to upgrade bathrooms and improve parking lots, signage and landscaping to increase the property's curb appeal.

Home Properties entered the suburban Boston market in 2002 with the acquisition of Gardencrest Apartments in Waltham. The REIT also owns the Village at Marshfield, in Marshfield, Stone Ends Apartments in Stoneham and Liberty Place and Highland House Apartments, both in Randolph. The firm also has holdings in 10 other states, including Florida, New York, Virginia and Washington, DC.