Walters kicks off housing lottery for Cornerstone at Holmdel in Monmouth County

50 income-restricted apartments on track for spring 2024 occupancy

Cornerstone at Holmdel, an income-restricted multifamily community by Barnegat-based Walters, has opened the affordable housing lottery for the units.

Construction on the 50-apartment development is entering its final phase and residents are slated to begin move-ins in late spring 2024. Applications to enter the housing lottery will be accepted through Dec. 13. The drawing will take place Dec. 21.

Situated on Middle Road in Holmdel, the four-acre property includes three newly developed, three-story residential buildings, designed and constructed to meet LEED Gold requirements and Energy Star certification. The one-, two-, and three-bedroom layouts range from 667 to 1,150 square feet. Each residence features an enclosed entryway, an open floor plan, upgraded interior finishes and signature detailing.

“We’re proud to bring Cornerstone at Holmdel to families in Monmouth County,” Joe Del Duca, partner and director of affordable housing for Walters, said. “Residents will enjoy the flexibility and convenience of apartment living with high-end amenities at an affordable price.”

Community spaces will include a fitness room, playground and outdoor areas with seating and gas grills.

Residents will also enjoy easy access to a vast array of shopping, dining and entertainment options such as the Holmdel Towne Center and the Commons at Holmdel. Also nearby is Allocco Park, an 11-acre recreational area with a baseball field, basketball court, a walking trail, tot lot and more.

Cornerstone at Holmdel will be available to residents whose incomes are at or below 60% of the area median income. Rental rates vary depending on the size of the apartment and the renter’s gross annual income, according to the rent/income requirements chart here.