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Home Properties buys apartment community for $15.5M

Rochester Business Journal
December 10, 2013

Home Properties Inc. has purchased Camelot Court in Brookhaven, Pa., for $15.5 million in a cash deal.

The 204-unit apartment property in the Philadelphia suburb has been renamed 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 brick garden-style apartment buildings. There are 56 one-bedroom units and 148 two-bedroom units, with an average size of 811 square feet. 

During the first three years of ownership, Home Properties expects to spend roughly $3 million, in addition to normal capital expenditures, for site improvements, window replacements, and entry doors and apartment doors. 

The largest portion of the $3 million will be spent on plans to upgrade individual units by renovating kitchens and baths and improving lighting, plumbing and electric services, the company said.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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