VIENNA, VA - Home Properties, Inc. announced an approximately $25 million capital improvement project to completely transform Arbor Park of Alexandria apartment community located in Alexandria, Virginia. Home Properties has begun remodeling all 851 one- and two-bedroom apartments and two- and three-bedroom townhomes in 52 buildings at this property, previously known as Orleans Village. The entire capital improvement project will be completed over the next four years.
"This is a pivotal investment for Home Properties because the potential for Arbor Park is incredibly significant," said Lisa Fitterer, Regional Property Manager for Home Properties. "Not only are we taking every apartment and townhome down to the studs, so to speak, but we are providing a high-end lifestyle for our residents in a prime location."
Because the project is so extensive, the property has been divided into smaller sections allowing interior elements of each apartment and townhome to be completely rebuilt one section at a time. Upgrades to interiors include modern kitchens highlighted by islands, sleek mocha cabinetry, and brushed silver appliances. The kitchens open up into spacious floor plans that make more effective use of existing square footage. Wherever possible, Home Properties is adding more bedrooms and bathrooms to the reconfigured floor plans. Newly rebuilt bathrooms feature ceramic tile and new tubs and vanities. Brushed nickel light fixtures have also been added throughout every apartment and townhome, and individual washers and dryers are being added to the renovated homes.
Along with these renovations, the project also includes changes to the exterior aesthetic of Arbor Park. "The landscaping is getting a complete facelift," explained Lady Neira, Property Manager. "We have done everything from replacing fences and painting the buildings' exteriors to adding new plantings to individual patios and community courtyards. The property absolutely shines and everything feels more connected."
Arbor Park is conveniently located just off I-395, a major highway in the Washington, D.C. Metro Area. The community is near the U.S. Department of Defense's new BRAC-133 (Base Realignment and Closure) Building, which will accommodate 6,400 employees. Arbor Park also will be minutes from the proposed Landmark Corridor, a proposed project that is expected to feature residential neighborhoods and shopping.
"Home Properties is committed to being a strong presence in the Alexandria community for years to come," explained Fitterer. "Arbor Park is centrally located within this burgeoning neighborhood. With all the exciting development going on around us, everything we do here is well worth our investment." Financially, the project is strong as well. According to Scott Doyle, Senior Vice President, Strategic Property Management, "The initial return on investment for this capital improvement project is in excess of 13%."
The project began in January 2010 with a $5.4 million upgrade of the electrical and mechanical infrastructure, which allowed for individually controlled, energy-efficient heating and air conditioning. Home Properties expects approximately 200 of Arbor Park's 851 apartments and townhomes to be renovated during 2011.
"The response has been tremendous when people see the new homes and the outstanding location," commented Fitterer.
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 119 communities containing 40,240 apartment units.