| Yesterday, Home Properties' Charis Warshof told us Ellicott City's 1,350-unit Howard Crossing apartments, which the firm bought on Thursday for $186M, is its second-largest property (of the 127 it owns in nine states). And it's less than a mile from another whopper: the 858-unit Charleston Manor that Home acquired in September 2010. The 93% occupied Howard Crossing (rents average a tidy $1,111) will get $12M worth of work as tenants roll over during the next three years. Charis says Howard County is one of the largest employee bases for Fort Meade, though the base, 20 miles to the southeast, isn't the only demand driver by far. |
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