Walters Group Opens New Jersey Affordable Community

The developer completed the first five buildings of the 72-unit property in Howell.
Cornerstone at Howell. Image courtesy of Walters Group

Walters Group has completed the first five buildings and welcomed first residents to Cornerstone at Howell, a 72-unit affordable community in Howell, N.J. Another four buildings are still under construction and Walters expects to complete the entire development by year-end. According to Yardi Matrix data, Walters broke ground on the $21 million project in 2019, financing the construction with $12.7 million in funds from the New Jersey Housing and Mortgage Finance Agency.

Cornerstone at Howell is taking shape on more than 28 acres at 1000 Cornerstone Drive. At full build-out, the community will encompass nine two-story buildings with one-, two- and three-bedroom floorplans. All units cater to households earning at or below 60 percent of the county’s median income, with rental rates based on income, family size and the number of bedrooms. The LEED Gold and Energy Star-certified property features various amenities such as an outdoor barbeque and picnic area, children’s tot lot, clubhouse with fitness center and computer workstations.

Located 4 miles from the city center, the property is near U.S. Route 9 and its array of restaurants and shops. Interstate 195 is roughly 2 miles south.