Walters Nears Completion of New Jersey Affordable Development
- Mar 03, 2020
Developer Walters expects to complete the last two buildings of a five-building, 60-unit affordable housing community in Stafford Township, N.J., by spring. The company has already opened three residential buildings at Cornerstone at Grassy Hollow.
Located at 200 Back Road in the Manahawkin section of Stafford Township, Cornerstone at Grassy Hollow features one-, two- and three-bedroom apartments ranging in size from 729 square feet to 1,289 square feet. The apartments all have private entrances. The development will be open to individuals and families who do not make more than 60 percent of Ocean County’s median income.
Joe DelDuca, Walters partner & director of affordable housing, said in a prepared statement the property is designed to attract a mix of residents, including singles, young families and older adults. He said the company creates high-quality housing options that meet the community demand for more affordable homes.
The apartments at Cornerstone at Grassy Hollow have ENERGY STAR appliances, full-sized washers and dryers, fully equipped kitchens with dishwashers and blinds in every room. Community amenities include a clubhouse with computer workstations and a fitness center, tot lot and BBQ picnic areas. Resident activities and events will be offered through a staffed social services coordinator.
Cornerstone at Grassy Hollow is located near major highways, including the Garden State Parkway, and local shopping, dining and entertainment options. The property is close to Long Beach Island, a popular barrier-beach community and tourist destination.
The apartment community is designed to achieve both LEED and ENERGY STAR certification, which will reduce energy costs and improve environmental health. Walters has several LEED properties in its portfolio, including Stafford Park Apartments, also in Manahawkin, New Jersey’s first LEED-Gold certified affordable housing community.
Other affordable housing properties in New Jersey developed by Walters include Cornerstone at Barnegat, Cornerstone at Lacey and Lacey II, and Cornerstone at Delanco. The company is currently building Cornerstone at Howell and Cornerstone at Waretown and in the planning stages for Cornerstone at Marlton and Cornerstone at Lumberton. In 2017, Walters began construction on Cornerstone at Seaside, an age- and income-restricted apartment community in Seaside Heights, N.J. The 91-unit housing community has since opened and offers one- and two-bedroom apartments for individuals 55 and older.