Plans for Cornerstone at Montvale, at 161 Summit Ave. in Montvale, call for a mix of income-restricted apartments with floorplans ranging from one to three bedrooms — Courtesy: Walters
By Joshua Burd
Walters has launched preleasing at what will be a new 25-unit, income-restricted apartment property in Montvale, the developer announced this week.
Known as Cornerstone at Montvale, the complex at 161 Summit Ave. is slated to open its first of two buildings in mid-August. The initial offering will include 15 homes, providing a location near the Garden State Parkway and DePiero’s Farm Stand & Greenhouses.
Plans also call for parking for 55 vehicles and common areas designed to support an active lifestyle, with a fitness room, a playground, a bike storage shed and outdoor areas with seating and gas grills, according to a news release. The developer added that Cornerstone at Montvale will offer a year-round food and necessity pantry for residents to help themselves, while a staffed social services coordinator will be available upon request.
“We are pleased to bring this new, environmentally friendly affordable housing option for families in Bergen County,” said Joseph Del Duca, partner and director of affordable housing for Walters. “Strong early interest shows that this type of rental community, blending quality housing and services, is in high demand.”
The property will be available to residents whose incomes are at or below 60 percent of the area’s median income, the news release said. Rental rates are based on the renter’s gross annual income, according to the rent and income requirements chart.
Each apartment will have a washer and dryer and a private exterior front door, Walters added, noting that the mix of one- two- and three-bedroom floorplans will range from 733 to 1,231 square feet.