New Affordable Housing In Morris County Welcomes First Tenants

MORRIS COUNTY, NJ — Barnegat-based developer Walters Group Apartments has announced that its newest development, Cornerstone at Chatham, has just welcomed its first tenants.

The brand-new, LEED and Energy Star-certified housing development now features three occupied buildings, offering a total of 63 units in a mix of two- and three-bedroom layouts. Located at 522 Southern Boulevard in Chatham Township, Cornerstone at Chatham was designed to meet the township’s third-round affordable housing obligations.

“We’re seeing a strong demand for high-quality affordable living in vibrant towns like Chatham,” said Joseph Del Duca, partner and director of affordable housing for Walters.

The community, which completed construction in December, offers high-end finishes, parking, a fitness center, clubhouse, patio with seating and grills, and secure entryways. Residents also enjoy on-site support services, property management and community engagement.

The brand-new, three-building community was built on a 3.2-acre site that once housed the former Charlie Brown's restaurant, which was demolished last spring. The sale of 522 Southern Boulevard was finalized in 2021, when Chatham Township and property owner Kronos Holdings, LLC, agreed on a price of $4.8 million.

Each apartment comes with a full-size washer and dryer, fully equipped kitchen, window blinds in every room, and secure key fob access. The development’s central location provides easy access to local amenities, including Chatham Mall, Hickory Square Shopping Center, Nash Park, and Shunpike Field.

The new community was developed through a unique funding partnership between Walters Group and Chatham Township. As a result, Walters secured a highly competitive nine percent Low Income Housing Tax Credit (LIHTC).

The township contributed the land and provided funding support, including plans for a shuttle bus service to the nearby NJ Transit rail station, officials said.

Cornerstone at Chatham apartments are available to residents with incomes at or below 60% of the area’s median income. Rental rates, ranging from approximately $784 to $1,917, are determined based on the renter’s gross annual income, as detailed in the rent and income requirements chart.

"Housing options such as Cornerstone at Chatham enable people to live where they choose based on their needs," Del Duca said.

Cornerstone at Chatham also offered a Veteran Preference Program for up to 13 units, giving qualified veterans priority on the waitlist for available apartments.

Applications and inquiries for Cornerstone at Chatham can be made by calling 973-593-0393 or visiting wgapts.com.