Shrewsbury’s The Commons at Haynes Farm has sold for $40.5 million, or approximately $134,000 per unit.

The 302-unit property is 97 percent occupied at monthly rents averaging $1,219, according to a statement.

New York-based Home Properties Inc. purchased the property with funding from the company’s At-The-Market equity offering program during the second quarter of 2011, which generated $90.4 million in net proceeds. Year-to-date, the company has purchased assets worth approximately $72 million.

During the first three years of ownership, Home Properties plans to spend approximately $2.5 million, in addition to normal capital expenditures, to reposition the community by correcting deferred maintenance, improving infrastructure and exteriors, renovating the community center, expanding the fitness center and upgrading kitchens and baths.

The Commons at Haynes Farm was built in 1991. The property contains 10 three- and four-story frame buildings. There are 82 one-bedroom units, 167 two-bedroom units, 50 three-bedroom units and three four-bedroom units, averaging 980 square feet. Amenities include 58 carports; a swimming pool; a community center, which includes an exercise room; fireplaces in 65 apartments; and laundry equipment or hook-ups in each unit.