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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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