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Home Properties Buys 469-Unit Berkshires Complex in Suburban Baltimore

Berkshire Realty Sells 64-Bldg. Complex; Renamed Coves at Chesapeake
December 14, 2006
Home Properties Inc. (NYSE: HME) acquired The Coves at Chesapeake residential development in Glen Burnie, MD, for $67.1 million, or approximately $143,000 per unit.

Previously known as The Berkshires, The Coves at Chesapeake consists of 64 buildings and 469 units. The mix includes 242 two-bedroom, two-story town homes, which range from 894 to 952 square feet, and 227 three-bedroom units, which range from 1,010 to 1,082 square feet.

William Roohan of CB Richard Ellis represented the seller, Berkshire Realty. Home Properties was represented in-house.

The Coves was built on three different parcels in three separate phases between 1976 and 1982. Community amenities include three playground areas, a multi-purpose sports court, a fitness facility and two Olympic-sized swimming pools. Each unit has individually metered electric heat and air conditioning units.

Home Properties expects to spend the first four years renovating the complex to correct deferred maintenance at a projected cost of $6.7 million. The renovations will include upgrading kitchens and baths, replacing siding, windows and doors, and some HVAC maintenance. Upgrades will also be made to the signage, landscaping and security.

Rochester, NY-based Home Properties is an apartment REIT which owns, operates, acquires and rehabilitates apartment communities. Its core markets include the Northeast, Mid-Atlantic and Southeast regions.
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