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| 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.
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| 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 atekippe@taylorjohnson.com;
or Kim Manning at (312) 267-4527 or kmanning@taylorjohnson.com.
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