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MARLBOROUGH, MA-Just two months after plunking down $32.6 million to acquire two apartment complexes in Randolph, Home Properties Inc. has increased its presence in the state with the $83-million acquisition of two residential communities here.

The Rochester, NY REIT is so hot on Boston’s suburban apartment market, in fact, that it has grown its Bay State portfolio to seven properties since entering the market just four years ago. The REIT’s latest acquisitions added 612 units to the firm’s Bay State holdings, bringing the total number of units owned in the Boston suburbs to 2,143.

“There are certain target markets we like and Boston is one of them,” Charis Warshof, vice president of investor relations for Home Properties, tells GlobeSt.com.

Purchased from an affiliate of the General Investment & Development Cos. of Boston, the complexes, which have since been renamed the Heights at Marlborough and the Meadows at Marlborough, are located at 39 Briarwood Lane and 141 Broadmeadow Rd. respectively. Each are more than 91% occupied with rents averaging $1,207 and $1,230 per unit.

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.

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