M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 2023 — 7C
www.marej.com
O wners , D evelopers & M anagers
Community offers age, income-restricted apartments in Somerset County, NJ Construction nears completion at Walters’ Cornerstone at Branchburg
B RANCHBURG,NJ — Cornerstone at Branchburg, a new, premium 55+ age- and in - come-restricted apartment community, is nearing com - pletion as active leasing con - tinues. Walters, the property’s award-winning developer, is putting the finishing touches on the second building at 1000 Cornerstone Drive; the sustainably designed com - munity offers a total of 150 rental homes. “Walters is proud to build high-quality apartments at - tuned to the specific needs of residents and the host com - munity,” said Joe Del Duca , KLNB’s new multifamily team secures first sale GAITHERSBURG, MD — KLNB announced the firm’s new multifamily team has executed its first transaction under the KLNB banner: the sale of Governor Square Apartments, a 238-unit mul - tifamily community located at 409 Muddy Branch Rd. in Gaithersburg. KLNB partner Rawles Wilcox , senior vice president Jared Emery and vice president Dutch Seitz represented the buyer, Ac- ento Real Estate Partners , a multifamily-focused invest - ment and property manage - ment firm based in Bethesda. The sale of Governor Square in such a turbulent market is a testament to the team’s unri - valed expertise in the region’s growing multifamily sector, and their instinctive abil - ity to discover unique or oft- overlooked properties that can perfectly suit a client’s specific needs. While many investors have been on the sidelines waiting out the recent finan - cial market turbulence and uncertainty, KLNB’s brokers knew Governor Square was a terrific opportunity for savvy buyers that could recognize the potential of such a valu - able generational asset. And with Acento’s strong capital - ization and ability to transact with surety, it offered signifi - cant time and money saving benefits for all parties. Governor Square has been institutionally maintained and was sold as an off-market investment, with value-add interior potential for the new owner. MAREJ
partner and director of af - fordable housing for Walters. “Amid continued demand for age-restricted housing in the regional marketplace, Corner - stone at Branchburg already is popular among active se - niors and empty-nesters. Designed to attain LEED and ENERGY STAR cer - tifications, Cornerstone at Branchburg is comprised of two three-story buildings, situated on 11.7 acres in Somerset County. The first building, offering 75 units, is now 40% occupied. Pre- leasing is now underway for the second building. Apart -
ments include one- and two- bedroom layouts, ranging in size from 700 to 900 square feet. Every residence features a full-size washer and dryer, fully equipped kitchen, and window blinds in every room. Cornerstone at Branchburg boasts a range of high-end amenities such as a state-of- the-art fitness center, com - puter workstations, pool table and outdoor areas with gas grills. Walters also provides support services and pro - grams that create a mainte - nance-free, easy lifestyle and healthy living experience for residents. MAREJ
Cornerstone at Branchburg
QUALITY COMMITMENT PERFORMANCE
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