The purchase was funded from Home Properties' line of credit. The property is currently 98% occupied with monthly rents averaging $1,164. Stone Ends, which is located approximately 22 miles south of Boston, was built between 1972 and 1979 and contains eleven buildings, including a community center, pool and playground. The average apartment unit size is 797 sf. Over the past two years, the development has undergone extensive renovations. Home Properties says it expects to spend approximately $2 million on improvements over the next few years to upgrade kitchens and baths. The company anticipates a 7.7% initial first year unleveraged return on this acquisition.

The company purchased Gardencrest Apartments, a 696-unit residential complex in Waltham, MA, last year. "Stone Ends is the second acquisition we have made in the suburban Boston market, one of the geographic markets we have targeted for future growth," says Norman Leenhouts, Home Properties chairman and co-CEO. "We are very pleased with our first purchase in the Boston area, Gardencrest Apartments in Waltham, which Home Properties acquired in June. As we increase our market share, we create greater efficiencies that will further enhance our results."

David Gardner, senior vice president and chief financial officer of Home Properties didn't specify the exact locations his company is focusing on in the Boston area but he tells GlobeSt.com that the firm anticipates making $250 million in acquisitions over the coming year and would like to establish more of a presence in the Boston area. "It's difficult to know where, but it's a market we're targeting," he says.

Home Properties is the sixth-largest publicly traded apartment company in the United States. The company has operations in selected Northeast, Midwest, and Mid-Atlantic markets and currently operates 294 communities containing 51,469 apartment units. Home Properties also manages 2.2 million sf of commercial space.