O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
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New community to offer 63 income-restricted apartments Walters starts construction on Cornerstone at Chatham in Morris County
HI-LIGHTS SEPTEMBER 2023 SPOTLIGHT based in Barnegat, has bro- ken ground on Cornerstone at Chatham, a 63-unit premium income-restricted apartment community. Located in Morris County, the new community will be located on Southern Boulevard, near the Garden State Parkway. Walters proj- ects the new development to be ready for occupancy beginning in late spring 2024. Comple- tion of the entire property is slated for the fourth quarter C HATHAM, NJ — Walters , an award- winning developer
shopping, and recreational amenities. Within walking distance are Chatham Mall and Hickory Square Shopping Center, and the municipally owned Nash Park and Shun- pike Field are both nearby. The community is being developed through a unique funding partnership between Walters and Chatham Town- ship. As a result, Walters was awarded an exceptionally com- petitive 9% Low Income Hous- ing Tax Credit (LIHTC). The town provided the land and funding support, including a planned shuttle bus service to the nearby NJ Transit rail station, according to Del Duca. The three-building commu- nity will have a mix of one-, two- and three-bedroom units, ranging in size from 807 s/f to 1,343 s/f. Parking will be avail- able for residents. Walters is constructing
Cornerstone at Chatham to meet green building certi- fication, helping residents benefit from sustainable, efficient, and resilient hous - ing. Additional amenities will include a fitness center, community room, and out- door patio and clubhouse with seating, tables, and gas grills. A staffed social services coordinator will be available upon request. Apartments are available to people who make 60% or less of the area median income. Rental rates are based on the renter’s gross annual income, according to the rent/income requirements chart. Walters is a leader in sus- tainable construction and over the past two decades has de- veloped 20 affordable housing communities with another five currently under construction throughout New Jersey. MAREJ
Cornerstone at Chatham
living in the historic and quaint small-town of Chatham.” With limited developable land in Chatham, the three- building community is being built on a 3.2-acre site for- merly occupied by a defunct restaurant. Its central loca- tion will offer future residents convenient access to jobs,
of 2024. “Walters is proud to provide quality housing that is acces- sible to families and working professionals in the area,” said Joseph Del Duca , part- ner and director of Afford- able Housing for Walters. “Residents will enjoy modern features and amenities while
Prism Capital Partners releases final residential building at The Nell in Dunellen in New Jersey
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DUNELLEN, NJ — Prism Capital Partners has re- leased the sixth and final resi - dential building – containing the community’s remaining availabilities – at The Nell in Dunellen. With the finish - ing touches being put on The Nell’s commercial spaces as well, the redevelopment of the former Art Color industrial fa- cility at 100 South Washington Ave. has come full circle. Prism launched residential leasing at The Nell just eight months ago, and activity has been consistently robust. The first five apartment buildings are fully leased, with the sixth well on its way to lease-up. “The Nell’s success reflects ongoing demand for multifam- ily in dynamic downtowns, as well as the wonderful sense of community that is developing here,” said Prism’s Robert Fourniadis , senior vice presi- dent, residential. “We continue to receive rave reviews on the quality of the homes and ame- nity spaces from residents and prospective residents alike.
Jamie Case – for their exem- plary work. “They have crafted and executed a leasing program that has delivered incredible results in a truly impressive timeframe,” he said. “We fully expect the community to reach full occupancy this fall.” The Nell’s free-standing re- tail building will offer essential services to both residents and the larger community. Ten- ants Blue Foundry Bank and Kessler physical therapy are gearing up for fall openings; the remaining retail space is ideally suited for uses such as an independent coffeehouse, restaurant or local convenience store. The Nell also includes 130 for-sale townhouses devel- oped by K. Hovnanian Homes. Nutley, NJ-based Prism Capital Partners is a leader in the redevelopment and adap- tive reuse arena. The owner/ operator’s current Garden State multifamily projects also include Avenue & Green in Woodbridge, Wonder Lofts in Hoboken and Edison Lofts in West Orange. MAREJ
Lawson’s community joins Oyster Garden Project
The Nell in Dunellen
The time is right for people interested in The Nell to make a move – before it’s too late.” The Nell’s 252 one- and two-bedroom residences fea- ture nine-foot ceilings, open layouts, luxury plank floor - ing, chef-inspired kitchens and spa-like bathrooms. On- site conveniences include garage parking, smart lock entry, in-home washer/dryer, secured package room and indoor bike storage. Central to its fresh take
on modern living, The Nell’s clubhouse is highlighted by a state-of-the-art fitness center, yoga room, resident lounge and community kitchen. Out- door amenities include a resort-style pool, landscaped courtyard, barbeques, a firepit, and a bar with televi - sions and lounge seating. Prism’s Edwin Cohen , prin- cipal partner, credited the onsite leasing team – includ- ing the marketing directors’ Shanice Coull, Leo Loyo and
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