Saturday, September 24, 2016

The St. Moritz in Edgewater, NJ, Rebranded As Riello Following $6 Million Renovation

Riello Apartments, 99 Gorge Road, Edgewater, NJ

EDGEWATER, NJ – Waterton, a U.S. real estate investment and management company, announced it has rebranded The St. Moritz, a 225-unit apartment tower located at 99 Gorge Road in Edgewater, N.J., as Riello following a $6 million renovation of the property.

Waterton, which has managed the community since 2014, spearheaded a two-year capital improvement program that renovated individual residences and common areas. The improvements include a new outdoor pool and spa area with private cabanas, grilling stations and a fire pit, as well as an updated lobby, business center and fitness facility featuring all-new exercise equipment.

David Scharfenberg
Additional enhancements were made to parking garage and façade of the building, which is owned by Barings Real Estate Advisers, acting on behalf of an institutional investor

“In today’s fast-paced rental market, it’s essential for existing communities to stay relevant,” said David Scharfenberg, assistant vice president of regional operations at Waterton.

 “While The St. Moritz already offers many of the services and amenities today’s renters seek in a residential community – not to mention an unbeatable location, overlooking the Hudson River with panoramic views of the Manhattan skyline – we saw an opportunity to further enhance the appeal of the property through renovations designed to position it as the Manhattan alternative.

“Because we were creating a new look for the building, we felt it was only appropriate to give it a new identity as Riello.”

For a complete copy of the company’s news release, please contact:

 Abe Tekippe at (312) 267-4528 or;
 or Kim Manning at (312) 267-4527 or

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