Walters Group to Bring 70 Affordable Housing Units to Barnegat

BARNEGAT, NJ, February 8, 2016 (Newswire.com) - Construction is underway on Cornerstone at Barnegat, a new 70-unit affordable rental community for seniors being developed by the Walters Group. The project will fill a need for senior (55+) affordable housing in the township as well as give priority to Sandy-impacted residents. Work on the development began in January and is scheduled for completion year-end 2016.

Located on the corner of Route 9 and Georgetown Blvd., Cornerstone at Barnegat is being built on a five-acre site. The project is designed to achieve LEED and ENERGY STAR® certification for incorporating a number of sustainable features.

“Cornerstone at Barnegat will have a positive impact on the community by providing high-quality yet affordable rental options for seniors in our area,” said Ed Speitel, Jr., head of land development for the Walters Group. “Our extensive experience within the multi-family and affordable housing sectors will allow us to provide a first-rate community.”

The modern three-story complex will feature one-and two-bedroom floorplans, encompassing 63 one-bedroom and seven two-bedroom units. A 7,000-square-foot community clubhouse will offer a long list of amenities including a kitchen area, game room, state-of-the-art fitness area, and conference room.

In addition, Cornerstone at Barnegat is being designed with the needs of seniors by incorporating amenities such as a washer/dryer in each unit, wheelchair access and elevators.

“Every town in the State is charged with providing a reasonable opportunity for affordable housing, including the aging population,” said Speitel. “By expanding Barnegat’s affordable housing inventory we’re helping the town meet its affordable housing obligation under the State's Mount Laurel doctrine.”

Priority leasing for Sandy-impacted residents

During the first 90 days of lease-up, priority for residency will be given to qualified Sandy-impacted individuals who have been displaced by or experienced major storm damage. The project will receive Superstorm Sandy funding through the CDPG-FRM program.

“We saw a real need for affordable housing even before the storm hit,” said Speitel. “Affordable housing developments can be challenging to execute, but our firm has all the pieces in place to handle every aspect of the project from design and construction to property management.”

The Walters Group is planning the development of several more affordable housing communities in Ocean and Burlington Counties. Another age-restricted community is under construction in Toms River offering the same features as Cornerstone at Barnegat. Other workforce housing communities are planned in Delanco, Jackson, Howell, and Lacy.

The Walters Group is a leading residential and commercial real estate developer with offices in Barnegat and Haddonfield, N.J. Founded in 1984, the privately held company has built residential custom homes, planned communities, multi-family, affordable housing and student housing projects.