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Home Properties buys Mass. apartments for $40.3M

By ANDREA DECKERT - 12/20/2013 3:30:43 PM

Home Properties Inc. has purchased the Middlesex Crossing apartment community in Billerica, Mass., for $40.3 million in cash.

The 252-unit apartment community is 18 miles northwest of Boston and was 96 percent occupied at closing, with rents average $1,420, the company said.

Built in three phases from l969 to l974, Middlesex Crossing consists of 11 three-story brick garden-style apartment buildings.

During the first three years of ownership, Home Properties expects to spend some $3.7 million, in addition to normal capital expenditures, to upgrade individual units.

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