The company acquired Highland House, a 172-unit complex, and Liberty Place, a 107-uni, apartment community, from MB Management Co. in a deal that gave the buyer ownership of its fourth and fifth apartment communities in the Greater Boston area.

Charis Warshoff of Home Properties tells GlobeSt.com that the firm has been trying to make more apartment acquisitions in the region since entering the market in 2002, but competition for class B properties has created tough dealmaking conditions.

"We've been looking to grow but it's been a very competitive market," says Warshoff.

The REIT scored a hit with its latest buy, however, acquiring Highland House, a 94 % occupied, five-building property on five acres at Highland Avenue and Highland Glen Drive for $17.9 million, and picking up Liberty Place, a 12-building, well-occupied complex on 11.7 acres just off of Liberty Street for $14.8 million. Warshoff says the firm plans to invest about $1 million in each of the properties over the next few years to upgrade landscaping, signage and apartment interiors.

"Our strategy is to own in high barrier-to-entry markets on the East Coast," she says of the publicly traded REIT, which operates 139 communities containing 42,146 apartments in the Northeast, Mid-Atlantic and Southeast Florida markets. The company also owns three other apartment communities in Massachusetts--Gardencrest Apartments in Waltham, Stone Ends Apartments in Stoughton and the Village at Marshfield in Marshfield.

The sale was arranged by the CB Richard Ellis/Northeast Multi-Housing Team of Simon J. Butler, Biria St. John, Chris Sower and Michael Byrne, who handled the transaction exclusively for the seller and procured the buyer.