NewsJul 25, 2016
WinnCompanies Acquires and Rebrands Market Rate Apartment Community in New Jersey
Investments Underway to Enhance the Cove at RiverWinds Apartments in West Deptford, NJ
Boston, MA (July 25, 2016) – WinnCompanies announced today it has acquired and repositioned a 199-unit market rate, apartment community in West Deptford, NJ, roughly 14 miles from Philadelphia, PA.
The property has been recently introduced to the market as Cove at RiverWinds, offering luxury apartments for adults ages 55 and above. Built in 2009, this suburban mid-rise community features underground garage parking with interior courtyard. Cove at RiverWinds is located on approximately 5.4 acres of land with convenient access to Interstates 295, 95, and 76.
The rebranding of the community, acquired by WinnDevelopment in April and managed by WinnResidential, is the latest in a series of investments to enhance the property for its residents. Improvements include interior apartment renovations and fresh new amenities to create a true lifestyle living experience. Amenity enhancements include a new resident lounge for social activities, enhanced courtyard with outdoor kitchen and café seating, community garden, dog park and updated lobby with resident coffee bar. Other property updates include enhanced smoke detection and fire control systems.
“This is an important acquisition for our market rate portfolio and we will move quickly to bring fresh new services and offerings to the property and to the community,” said Deirdre A. Kuring, President of WinnResidential. “We see a bright future for this property, for its residents and for the Township of West Deptford as a whole.”
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, DC.
The Cove at RiverWinds consists of two L-shaped four-story buildings, featuring elevator access, surface and garage parking. The unit mix includes 74 one-bedroom apartments, 121 two-bedroom apartments, and four penthouse suites.
The residents of Cove at Riverwinds enjoy discounted membership access to the RiverWinds Community Center, a county-funded waterfront recreational development offering 112,000 square feet of space and featuring a high end restaurant, state of the art fitness facility with indoor track, baseketball court, rock climbing wall, a tennis center and a golf course.
It abuts a master development built by Jaworski Redevelopment Enterprises, LLC, whose principals include former Philadelphia Eagles Quarterback Ron Jaworski. Other 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.
WinnCompanies is an award-winning national multifamily development and management company dedicated to the highest standards of excellence. Through its companies, WinnDevelopment, WinnResidential and WinnMilitary, WinnCompanies acquires, develops and manages affordable, senior, mixed-income, market rate, military and mixed use properties. Founded in 1971 and operating in 22 states and the District of Columbia, it is the fifth largest multi-family housing manager in the U.S. and the largest manager of affordable housing. www.winncompanies.com