The complex will consist of a three-story apartment building containing one- and two-bedroom floorplans, encompassing 94 one-bedroom and eight two-bedroom units. A 7,000-square-foot community clubhouse will offer a long list of amenities including a kitchen area, game room, state-of-the-art fitness area, conference room and more.

In addition to being eco-friendly, Cornerstone at Toms River will offer more modern amenities than most people would expect to find, even in market-rate complexes, according to Speitel. "We've designed this project with seniors in mind," Speitel says. The buildings will offer a washer/dryer in each unit, wheelchair access and elevators.

"As Ocean County's population ages, it's important to offer a variety of housing options so that lower-income residents can remain in their communities," says Speitel. "This project is well-suited to older people seeking to downsize and reduce expenses and maintenance responsibilities."

Besides addressing the needs of seniors, the project will provide priority residency to individuals displaced by Superstorm Sandy during the first 90 days on the market.

"Even before Sandy hit, Walters was looking to broaden its reach into the affordable housing arena," says Speitel. "After Sandy, we saw a great demand for this type of housing because people lost their homes and were displaced."

Increasing the inventory of affordable housing in Toms River will also help the town meet its affordable housing obligation under the state's Mount Laurel decisions, Walters says.

The Walters Group is planning the development of six more affordable housing projects in Ocean and Burlington Counties. Another community for seniors is also underway in Barnegat Township. Cornerstone at Barnegat will be 70 units and will have all the same features as the Toms River community. The other developments will be workforce housing for families and are planned for Delanco, Jackson, Howell and Lacey.