VIENNA, Va., April 5, 2011 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced the groundbreaking of its newest apartment community, The Apartments at Cobblestone Square, located in historic Fredericksburg, Virginia. The newly constructed, class-A community will feature eight, four-story buildings housing 302 one- and two-bedroom apartments and a refurbished 100-year-old rail depot.
"Home Properties is excited to offer a truly unique living experience to the Fredericksburg community. Just three blocks from the Virginia Railway Express (VRE) station and a short distance to downtown, The Apartments at Cobblestone Square will combine the amenities of a new community with easy access to the historic downtown," said Michael Eastwood, Vice President for Development, Home Properties.
Located between Richmond, Virginia and Washington, D.C., Fredericksburg has become an increasingly popular home base for people who work in the Washington, D.C. metro area, as well as those working at and near Quantico Marine Base.
"With the ever-increasing economic activity in the corridor from D.C. down I-95 to Fredericksburg, Home Properties saw the opportunity for a new class-A apartment community that offers unique home choices to a dynamic population," remarked Eastwood.
Additionally, Home Properties will retain and reuse the historic rail depot as part of the Cobblestone Square community. The depot will house an additional 12 apartments (10 of which will be loft-style apartments) and a modern clubhouse with amenities including Wi-Fi, a fitness center, spacious club room with gaming area, and a business center.
The Apartments at Cobblestone Square will also feature an outdoor pool and access to an adjacent 10-acre nature park. Cobblestone Square is also the trailhead for a planned trail system that will eventually link downtown with the area beyond the city limits.
The first of eight apartment buildings, along with the rail depot renovation and amenities, is slated for completion in late 2011. Subsequent buildings will be added and the entire project should be completed in 2012.
Home Properties is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in selected Northeast and Mid-Atlantic markets. Currently, Home Properties owns and operates 115 communities containing 38,861 apartment units. For more information, visit Home Properties' website at homeproperties.com.