Home Properties Buys Suburban Apartments

CHICAGO- Rochester, NY-based Home Properties has bought the Blackhawk apartment community in Elgin for $17.5 million in cash and debt. The trust plans on spending $1.6 million over the next three years on the complex.

By Ted Jackson | Updated on October 27, 2000

CHICAGO-Home Properties of Rochester, NY says it has bought the Blackhawk apartment community in suburban Elgin for $17.5 million in cash and debt.

The 371-unit complex has achieved a 95% economic occupancy rate over the last three years with rents currently averaging $766 per month. The trust says it plans on spending $1.6 million on the complex over the next three years for deferred maintenance and to refurbish the club house.

Home Properties is the 11th largest apartment REIT in the nation. The trust either owns, partially owns or manages 49,395 apartments.

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