WinnCompanies Buys, Repositions NJ Apartments
- Jul 27, 2016
West Deptford, N.J.—WinnCompanies has acquired a 199-unit apartment community in West Deptford, N.J., which is part of the Philadelphia metro area. The buyer, who paid an unspecified price, is repositioning the property as Cove at RiverWinds.
The asset’s unit mix includes 74 one-bedroom apartments, 121 two-bedroom apartments and four penthouse suites. The repositioning will offer market-rate apartments for adults ages 55 and above. Cove at RiverWinds is located on about 5.4 acres and consists of two L-shaped four-story buildings, featuring elevator access, a new community room, an outdoor courtyard, onsite management office, and parking garage.
The property, built in 2009, was formerly known as Rivercove Apartments. Other common amenities include indoor and outdoor lap and leisure pools, indoor walking track, steam room, senior center, fitness center, outdoor amphitheater, kayak launches and walking/biking trails.
Cove at RiverWinds is adjacent to the main entrance of the RiverWinds Community Center, a county-funded waterfront recreational development offering 112,000 square feet of space and featuring a high-end restaurant, fitness facilities, a tennis center and a golf course. It also abuts a master-planned development by Jaworski Redevelopment Enterprises, whose principals include former Philadelphia Eagles quarterback Ron Jaworski.
The rebranded community is now managed by WinnResidential.
WinnCompanies owns and/or manages more than 6,000 market rate apartments nationwide, including communities in California, Connecticut, Florida, Georgia, New Jersey, New York, Massachusetts, Texas and Washington, D.C.