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Home Properties Buys Marlborough Multifamilies for $83M

612-Unit Massachusetts Portfolio Acquired in 1031 Exchange
September 20, 2006
Home Properties Inc. purchased two apartment complexes in Marlborough, MA from The General Investment & Development Cos. for $83 million.

The 348-unit Windsor Heights complex was acquired for $48.9 million, or about $140,500 per unit. Following the purchase the buyer renamed the property The Heights at Marlborough. The complex was built in 1973 and is comprised of 17 two and three-story buildings. Amenities include an outdoor pool, tennis court, playground and basketball court. The property is 92.8% occupied, with one, two, and three-bedroom apartments garnering monthly rents that average $1,230.

The 264-unit Windsor Meadows complex was acquired for $34.4 million, or about $130,300 per unit. After purchase it was renamed The Meadows at Marlborough. The complex was built between 1969 and 1972 and consists of 14 three-story buildings. Amenities include an outdoor pool, tennis court, and resident storage. The property is 91.4% occupied, with studios and one and two-bedroom apartments garnering monthly rents averaging $1,207.

Home Properties sold property in southeast Michigan in June and purchased the Marlborough sites to complete a 1031 exchange. It plans to invest approximately $2.3 million to upgrade The Heights, and approximately $1.4 million to upgrade The Meadows. Improvements will include upgraded bathrooms, parking lots, landscaping and signage.

John Smith, senior vice president and CIO of Home Properties, represented the buyer in-house. Simon Butler, senior vice president/partner, and Biria St. John, first vice president/partner, of CB Richard Ellis New England, represented the seller.
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