Firm buys Ellicott City apartment complex for $103 million

A New York firm said Wednesday that it has purchased a 858-unit Ellicott City apartment complex for $103 million.

Home Properties Inc. said Charleston Place, built between 1971 and 1983, has one- and two-bedroom apartments rented out for an average of $1,073 a month. The complex is about 97 percent occupied.

The firm — an apartment real estate investment trust — said it expects to put about $6.8 million into the property in the next three years to correct maintenance problems, renovate kitchens and bathrooms, upgrade the landscaping and make other improvements.

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