Home Properties Announces Opening of The Apartments at Cobblestone Square in Fredericksburg, Virginia

VIENNA, Va., Aug. 15, 2011 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced it has begun leasing The Apartments at Cobblestone Square located in historic Fredericksburg, VA. The Apartments at Cobblestone Square is a newly developed class-A apartment community conveniently located near the heart of Old Town Fredericksburg and mass transit options including the Virginia Railway Express (VRE). Construction of the community, which features eight four-story buildings, with 302 one- and two-bedroom apartments, began in January 2011. Home Properties also is restoring a ninth building, the rail depot, which will contain 12 apartments for a total of 314 apartment homes at the community.

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A temporary leasing office is now open at 512 Lafayette Boulevard, Suite 2, in Fredericksburg, VA, where prospective residents can view 2-D and 3-D renderings of the spacious floor plans.

"The Apartments at Cobblestone Square is a unique product in an extraordinary setting," remarked Teguest Shifferaw, Regional Property Manager for Home Properties. "Home Properties is offering the only four-story midrise with elevators and interior hallways in the Fredericksburg market. We are already amazed by the excitement from folks stopping by our temporary leasing office and visiting our new website. We have something very special here in Fredericksburg."

Home Properties anticipates the official opening of its permanent leasing office in October 2011. That office will be located at the center of the new community – a 100-year-old rail depot that Home Properties is renovating.

"We are pleased to be able to make the depot building such a central part of the Cobblestone Square community," said Michael Eastwood, Vice President of Development for Home Properties. "We want our residents to have the high-end amenities and modern conveniences but also retain our history-rich setting."

Once the depot officially opens, it will be home to two one-bedroom apartments and 10 loft apartments, capitalizing on the century-old, tall interior spaces. The depot also will feature the community's "gathering place," which includes a high-tech business center with Wi-Fi, fitness center, clubroom with billiards and a video gaming station. Other amenities include a resort-style pool and access to the adjacent 10-acre nature park and trailhead for a planned trail system that eventually will link downtown Fredericksburg with the area beyond the city limits.

Home Properties expects to open the first midrise apartment building on the property in mid-October 2011. All one- and two-bedroom apartments for rent will feature high-end interior finishes like stainless steel appliances, 42" kitchen cabinets, spacious walk-in closets in every master bedroom, and a private patio or terrace. Residents will have the option to rent additional storage space.

"We couldn't be happier to have opened our doors to the Fredericksburg community," Eastwood commented. "Home Properties is offering amenities and a modern lifestyle in a community where people choose to live because of its rich history. The homes we are providing couldn't fit better into this dynamic community."

For leasing information, call The Apartments at Cobblestone Square at +1-540-479-6777 or visit CobblestoneSquareVA.com.

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 118 communities containing 39,696 apartment units. For more information, visit Home Properties' website at homeproperties.com.

SOURCE Home Properties, Inc.