Home Properties Announces Extensive Renovations at Newly Acquired Stone Hill Apartments

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Apr 01, 2014, 12:50 ET

BROOKHAVEN, Pa., April 1, 2014 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced it has started an extensive renovation program to Stone Hill Apartments located in Brookhaven, Pa. Stone Hill Apartments, formerly known as Camelot Court, was purchased and renamed by Home Properties in November 2013. The 205-unit apartment community was built in 1971 and includes 11 three-story garden-style apartment buildings.

Home Properties expects to spend approximately $3 million in renovations, in addition to normal capital expenditures, during the first three years of ownership. Interior renovations began in December 2013 and feature completely upgraded kitchens with maple cabinetry and brushed steel finishes, bathrooms with tile tub surrounds, two-tone paint, and six-inch wood baseboards. Home Properties also plans to improve lighting, plumbing, and electrical services throughout the community. To date, 20 apartments have been renovated, and a total of 50-60 apartments are projected for completion in 2014.

"When Home Properties purchased Stone Hill, we immediately asked for resident feedback on what renovations they felt were the biggest priority," said Kerri Haltom, Regional Vice President, Home Properties. "One result of the feedback is that we are currently installing energy-efficient windows and sliding glass doors at a rate of four apartments per day, with 40 completed so far. Home Properties is consistently responsive to what our residents' needs are for their homes."

Home Properties owns four additional apartment communities in Delaware County, Pa., where Stone Hill Apartments is located, and a total of 18 communities in the Philadelphia area.

"Stone Hill Apartments will be unparalleled in the Brookhaven, Pa. market," said Haltom. "Resident satisfaction is Home Properties' top priority, and these renovations certainly reflect our company's ongoing commitment to our residents."

Home Properties, Inc. is a publicly traded apartment real estate investment trust that owns, operates, develops, acquires and rehabilitates apartment communities primarily in suburbs of major metropolitan areas in selected Northeast and Mid-Atlantic markets. An S & P 400 Company, Home Properties owns and operates 119 communities containing 41,494 apartment units. For more information, visit Home Properties' website at www.homeproperties.com.

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SOURCE Home Properties, Inc.