The St. Moritz in Edgewater, NJ, Rebranded As Riello Following $6 Million RenovationOctober 21, 2016
Waterton, a U.S. real estate investment and management company, today 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. 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.”
Built in 2004, the community offers a mix of one-, two-, three- and four-bedroom floor plans ranging in size from 780 to more than 4,000 square feet. Each residence features hardwood flooring; in-unit laundry; modern bathrooms with Jacuzzi tubs; and gourmet kitchens with 42-inch maple cabinetry, granite countertops and GE stainless steel appliances. Select units also feature private balconies.
“In addition to unparalleled views, Riello offers finishes that are on par with those of newly developed buildings while maintaining a competitive edge in terms of apartment size and pricing,” said Jeremy Byrne, vice president of asset management at Barings Real Estate Advisers. “Residents are able to enjoy the same full-service, maintenance-free lifestyle that is difficult to replicate in owned housing and, as a result, has created many ‘renters-by-choice’ in Edgewater and other cities across the country.”
Additional amenities at the 25-story community include a sauna and steam room, pool area with sweeping views of Manhattan, children’s playroom, guest suite, bike room and car wash station. Riello also offers a 24-hour doorman, as well as convenient access to Manhattan via the Lincoln Tunnel and George Washington Bridge – each less than 1 mile from the property – or via a 10-minute ferry ride from nearby ports in Edgewater or Weehawken.
Residents can also take advantage of nearby shopping, dining and entertainment destinations along New Jersey’s Gold Coast. Riello is just a half-mile from the City Place at the Promenade shopping center and within walking distance of James J. Braddock Park and the Hudson River Waterfront Walkway. Served by the Edgewater School District, the community is also close to award-winning schools.
For more information, visit www.theriello.com or call (877) 661-5692.
Waterton is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions.
Waterton has an expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with regional offices throughout the United States. Currently, Waterton’s portfolio includes over $4.0 billion in assets, including approximately 20,000 multifamily units and 13 hotels. Visit Waterton’s new website: www.waterton.com.
Barings is a $275+billion* global asset management firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and uncompromising service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 17 countries. Babson Capital Management LLC and Cornerstone Real Estate Advisers LLC are now operating as a unified company under the Barings name. Learn more, at www.barings.com.
*As of June 30, 2016.