HOME PROPERTIES ACQUIRES APARTMENT COMPLEX FOR $15.5M

BROOKHAVEN, PA. — Home Properties Inc. has purchased Camelot Court, a 204-unit apartment community in suburban Philadelphia, for $15.5 million. The sales price equates to $76,000 per unit. Rochester, N.Y.-based Home Properties has renamed the multifamily property Stone Hill Apartments. At closing, Stone Hill Apartments was 90.2 percent occupied at monthly rents averaging $918. Built in 1971, Stone Hill consists of 11 three-story apartment buildings and is located in Brookhaven. Common area amenities include a laundry room in each building and a swimming pool with a private yard. During the first three years of ownership, Home Properties plans to spend approximately $3 million on site improvements, including window and door replacements and upgraded kitchens and baths in the apartment units.