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May. 8, 2014

Home Properties Begins Major Energy Upgrade on NJ Property

By Dees Stribling, Contributing Editor

Morristown, N.J.—Home Properties Inc. has hired Lapolla Industries Inc. to implement Lapolla’s Multi-Family Energy Savings Program at the REIT’s Jacob Ford Village in Morristown, N.J. It’s the first implementation of the proprietary energy savings program for Houston-based Lapolla, which is a supplier and manufacturer of spray polyurethane foam insulation, reflective roof coatings, and other equipment designed to reduce energy consumption.

Jacob Ford Village is a two-story, garden apartment complex that includes 270 units. Under the terms of the agreement, Lapolla’s AirTight division will undertake the program at a cost exceeding $1 million. A recent assessment by AirTight and Karpman Consulting found that the program would yield annual energy savings of more than 55 percent at the property.

The basis of the Multi-Family Energy Savings Program is installation of spray polyurethane foam insulation, but it will include other modifications to the property. The overall goal, according to Lapolla CEO Doug Kramer, is to enhance the energy-efficiency of the Jacob Ford Village, thereby cutting energy costs and reducing the property’s carbon footprint. The foam’s high R-value and performance characters will make that possible, he says.

Rochester, N.Y.-based Home Properties owns and manages more than 41,000 residential apartment units, primarily in the Mid-Atlantic and Northeastern United States. It has been expanding considerably in recent years, and aggressively renovating its acquisitions to improve energy efficiency and other building functions.

Recently the company started renovation of Stone Hill Apartments, a 205-unit property in Brookhaven, Pa., which it bought last November. Home Properties expects to spend about $3 million over the next three years renovating the property, including unit and common-area enhancements, but also such energy-efficient measures as windows and sliding glass doors.

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