Westminster honored by New Jersey apartment group.
The prestigious 7th Annual Garden State Awards honor the apartment industry's outstanding properties and professionals for 1999-2000. This year, NJAA added the new category "Best Property Renovation" to acknowledge the importance of this aspect of real estate development.
"We are honored to receive this recognition," noted Richard Stadtmauer, managing director of Kushner Companies. "The acquisition and renovation of Inverness. exemplifies the core of our business growth in recent years. We continue to seek, acquire and rehabilitate properties that have been underutilized and/or neglected but have tremendous potential for success.
Westminster Management Company acquired Inverness Apartments in Gloucester County last year. Originally built in 1974, the 368-unit garden apartment complex includes one- and two-bedroom units ranging from 725 to 1,000 square feet. Conveniently located at Exit 3 of the New Jersey Turnpike, with close proximity to rail service, the complex is a prime residence for commuters to both Philadelphia and Cherry Hill.
After purchasing the 31.6-acre property, which includes 46 buildings and tennis courts, Westminster launched a major renovation. The capital improvement project included new roofing, siding and landscaping, and enhancing the physical appearance and increasing the operational efficiency of the buildings. Westminster completely renovated an existing swimming pool and pool house, and added a fitness center and two leasing centers with model apartments which are now open.
Other improvements include plumbing and electrical upgrades, and enclosure of the property's breezeways and hallways, as well as the building basements and laundry rooms. Individual apartments are being renovated as needed with new appliances, bathrooms and finishings.
Deptford Township Manager Joseph Picardi added the town's seal of approval to the renovation project. "Deptford Township is a great place to live; we offer a lot in terms of work and play," remarked Picardi. "We are extremely pleased that Westminster chose to invest in an apartment complex here. Both Inverness residents and the township are benefiting from the outstanding results of its effort."
One-bedroom apartments, starting at $545 a month, and two-bedroom apartments, starting at $695, are still available. For more information, call the Inverness leasing office toll-free at 1-800-442-7368 ext. 51432 or visit www.westminster-management.com, Westminster Management Company's award-winning website.
Kushner Companies currently owns more than 20,000 apartment units and manages more than three million square feet of office, industrial and retail space in New Jersey, New York, Connecticut, Maryland and Delaware with ownership interests in more than six million square feet of commercial spade. In addition, the construction division, Westminster Communities, is currently involved in the development and construction of approximately 500 homes in New Jersey and New York and has approximately 40 additional projects in various stages of approval and development. These range from single-family luxury homes to active adult communities and mixed use urban redevelopment projects.
The firm, which has been recognized consistently for both its professional and civic activities, has nearly 50 years of development experience, with in-house capabilities to handle all real estate activities. This includes site selection, planning, development and acquisitions to construction, financing, insurance, leasing, sales, marketing and ongoing property management. Kushner Companies also has affiliated businesses involved in banking, insurance, real estate brokerage and technology.
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|Publication:||Real Estate Weekly|
|Article Type:||Brief Article|
|Date:||Oct 25, 2000|
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