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Nov. 29, 2006 / 6:16 PM

Home Properties buys Maryland apartments

GLEN BURNIE, Md., Nov. 29 (UPI) -- Home Properties Inc. said Wednesday it has bought a 469-unit apartment property in Glen Burnie, Md.

The property, which formerly was known as Chesapeake at the Berkshires and is now called The Coves at Chesapeake, cost $67.1 million in cash, including closing costs.

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That equates to approximately $143,100 per apartment unit, HPI said. The property is currently 93.1 percent occupied at monthly rents averaging $1,148.

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