Home Properties has acquired an apartment community in White Marsh, Maryland, for $90.4 million. The Cambridge Court Apartments was bought for almost $166,000 per apartment unit. The property is 92.2 percent-occupied.
Home Properties is likely to spend a total of about $2.6 million during the first three years of ownership, apart from normal capital expenditures, to upgrade units upon turnover. Management expects a 5.4 percent first-year capitalization rate on the acquisition. Purchase costs of almost $110,000 will be included in other expense in the 2011 third quarter.
Click here for the release from PR Newswire.