Home Properties Announces Groundbreaking of Eleven55 Ripley in Silver Spring, Md.

Published on Wednesday, 04 January 2012 12:18 Written by TradersHuddle Staff

VIENNA, Va., Jan. 4, 2012 /PRNewswire/ -- Home Properties, Inc. (NYSE: HME) today announced the groundbreaking of its newest apartment community, Eleven55 Ripley, located in downtown Silver Spring, Md. Construction of Eleven55 Ripley's two buildings, featuring 379 premier apartments, urban row houses and lofts, will continue throughout 2012 and 2013, with the first residents scheduled for occupancy in the third quarter of 2013.

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"Eleven55 Ripley is going to offer residents metropolitan living at its finest," said Donald Hague, Senior Vice President of Development for Home Properties.  "This development project will be unique to the Silver Spring market, offering exceptional design and an unparalleled amenities package in an upscale, urban setting."

Designed by acclaimed Washington, D.C. firm, Shalom Baranes Associates, P.C., the community features a sleek, 21-story apartment tower – the tallest in Silver Spring – offering panoramic views of Metro D.C.  The tower houses flats in a variety of floor plans, including: studios, one bedrooms, one bedrooms with den, two bedrooms and two bedrooms with den.  Unique urban row houses, some with private roof-top terraces, also will be available. Eleven55 Ripley's smaller, five-story building offers loft-style apartments with 10-foot ceilings and ground floor retail space.

Eleven55 Ripley residents will enjoy a roof-top outdoor pool, deck and dining area, along with other high-end amenities: state-of-the-art theatre, two-story fitness center with yoga room, 3,000-square foot clubroom with demonstration kitchen, business center and conference room, and a private, landscaped courtyard.

"One of the unique features that adds to the appeal of Eleven55 Ripley is the public 'pocket park' that will be located within this community," said Hague. "This green space will feature glass art panels commemorating world-renowned Silver Spring environmentalist and humanitarian Rachel Carson. This park is just one more element that makes Eleven55 Ripley such an extraordinary addition to the Silver Spring community."

Home Properties plans to attain LEED (Leadership in Energy and Environmental Design) Silver rating for Eleven55 Ripley.  Developed by the U.S. Green Building Council, LEED is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of green buildings (source: www.usgbc.org).  Eleven55 Ripley also offers residents a convenient, car-free commute, located just 800 feet from the Silver Spring Transit Center, a major transportation hub that will house the Silver Spring Metro station, MARC station and Metrobus platforms.

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 124 communities containing 41,909 apartment units. For more information, visit Home Properties' website at homeproperties.com.

SOURCE Home Properties, Inc.