Home Properties Inc. paid $15.5 million in cash for a
204-unit apartment complex in Brookhaven, Pa.
The New York company bought Camelot Court for roughly
$76,000 a unit. It renamed the property Stone Hill Apartments. The 11-building
garden-style complex was constructed in 1971 and Home Properties plans to spend
$3 million in upgrades during the next three years. Most of the money will go
toward renovating units with new kitchens and bathrooms.
Stone Hill was 90 percent occupied at the time of sale and
rents range about $918 a month.
Home Properties owns 15 multifamily properties throughout
the Philadelphia area.
Source: Philadelphia
Business Journal
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