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Walters Group

The Walters Group is a leading residential and commercial real estate developer with offices in Barnegat and Marlton, N.J. with offices in Barnegat and Marlton, N.J. Founded in 1984, the privately held company has built residential custom homes, planned communities, multi-family, and student housing projects. Walters also has a commercial property portfolio totaling 670,000 square feet, which includes apartments, student housing, retail and office. The company is in the process of developing an additional 650,000 square feet of commercial space and 1,900 residential properties throughout southern New Jersey and eastern Pennsylvania.

The real estate development company is highly adept at taking on the unique property challenges of suburban development both in terms of environmental remediation and redevelopment, benefiting both private and public sectors. Currently, Walters employs 47 people in the region and is the umbrella organization for individual ownership and development entities as well as operating divisions including: Walters Homes, Walters Development, Walters Contracting, and Walters Management. More information is available at www.walters-group.com.

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Walters Group Fact Sheet: 2009
500 Barnegat Boulevard North, Building 100,
Barnegat, New Jersey 08005

Media Contact: (201) 796-7788   Evelyn Francisco: evelyn@caryl.com

Overview:    
The Walters Group (Walters) is a multi-disciplined residential and commercial real estate organization with core competencies in the areas of land planning, acquisitions, development, construction, marketing, management, and environmental remediation. Walters is focused on bringing difficult projects to fruition, taking on unique property challenges with the potential to add value and create developments that benefit both private and public sectors. Walters is active throughout southern New Jersey and eastern Pennsylvania. Projects include for-sale residential custom homes and planned communities; multi-family rental properties; off-campus student housing; affordable housing; retail; and large scale mixed-use developments.

History and Corporate Structure:
The Walters Group began as Walters and Sons Construction Company, founded in 1984 as a single-family custom homebuilder. The company has evolved into a leading developer of diverse properties with a focus on Ocean County.

Today, Walters employs a talented staff of professionals through its ownership and development entities as well as operating divisions including:

  • Walters Homes: single-family custom and planned community homebuilders
  • Walters Development: land acquisition, approvals and environmental remediation
  • Walters Contracting: construction management and general contracting
  • Walters Management: property management and leasing of commercial and multi-family rental properties

Foundation and Philosophy:
Throughout the past two decades, Walters has approached new development by establishing strong public/private partnerships with a sensitivity to the preservation of the natural environment. The organization attributes its progress to its willingness to become involved in projects with a variety of challenges and then using its resources to overcome the obstacles to development. The group's activities respond to changing demographics and market demand, combining opportunistic investments with carefully planned development initiatives and a commitment to community, civic, business and charitable endeavors. This balance of objectives creates enhanced benefits for the company and for those municipalities in which it is active, ultimately contributing to an improved lifestyle for residents, businesses and visitors. The founders' passion, progressive vision, and integrity have become a blueprint for continuing success.

Community Involvement:
With a focus on community giving, the employees of the Walters Group are consistently involved in activities that support a variety of key community organizations including:

  • The Food Bank of Monmouth and Ocean Counties
  • The Musser Blood Center in Philadelphia
  • Habitat for Humanity
  • The American Cancer Society
  • Project Playground, Barnegat
  • The Barnegat Police Department
  • Southern Regional High School, Stafford

Achievements and Awards
The Walters Group was the recipient of the esteemed 2006 B.E.A.M. Award of the Shore Builders Association of Central New Jersey. The company was honored as a builder exemplifying the spirit of teamwork between builders and associated sub-contractors by using the goods and services of associate members. The Walters Group's standing in the building community was further reflected in the company being named one of the "Best Places to Work in New Jersey" in a survey conducted by Real Estate New Jersey magazine for its February 2007 issue.

Other recent awards and honors for the Walters Group and its people include:

  • Walters Homes received the FAME awards for the Best Public Relations and the Best Special Promotion/Event for a Community to the Buying Public by the Shore Builders Association of Central New Jersey.
  • Laurie McManus, sales associate, received the Salesperson of the Year (FAME) award by the Shore Builders Association of Central New Jersey.
  • Jon Parker, construction manager, was the recipient of the Project Superintendent of the Year (FAME) award by the Shore Builders Association of Central New Jersey.
  • Walters Homes was presented with a 2007 Sales & Marketing (SAM) Award for Best Web site by the New Jersey Builders Association.
  • Edward Walters, Jr., the company's president, was a 2006 inductee to the Builders Hall of Fame of the Shore Builders Association of Central New Jersey, recognized for his "sustained, dedicated, quality service to the association and community."
  • Walters Group has been selected as one of the "Best Places to Work in New Jersey" by readers of Real Estate New Jersey.
  • Walters Group was recognized as one of six finalists in NJBIZ magazine's 2006 Business of the Year Awards.
  • The company received a Community Appreciation Award in 2006 from the Barnegat Township Board of Education for helping a family of seven displaced by a fire.
  • West Chester Commons, the company's innovative off-campus student housing development in West Goshen, Pa., was honored with three 2006 Best in Apartment Living Awards - for Curb Appeal, Maintenance and Overall Excellence - from the Apartment Association of Greater Philadelphia.
  • Walters Homes received two 2006 Merit Awards from the Shore Builders Association of Central New Jersey for Best Web site for a Community and Best Brochure for a Community $400,001 - $650,000.
  • Million Dollar Club inductees for Shore Builders Association of Central New Jersey included Laurie McManus for new home sales and Danielle Edreff for options/upgrade achievement in 2005, 2006 and 2007.
  • The company was honored by the Shore Builders Association of Central New Jersey with a 2005 Merit Award for Best Marketing Strategy for a Detached Community $300,000 to $450,000 and a Community Service Award for its charitable deeds from Shore Builders Association of Central New Jersey.
  • Pamela Schuster received a SAM (Sales and Marketing) Merit Award from New Jersey Builders Association for Marketing Director of the Year for 2006, a 2005 FAME (Fabulous Achievement in Marketing Excellence) Award for Sales Manager of the Year and a 2004 Community of the Year Award from Shore Builders Association of Central New Jersey.
  • Ken DeMayo, vice president of construction, received a 2005 FAME (Fabulous Achievement in Marketing Excellence) for Director/Vice President of Construction of the Year from the Shore Builders Association of Central New Jersey.
  • Jon Parker, construction manager, was the New Jersey Builders Association SAM Award recipient for Project Superintendent of 2000.
  • Ocean Acres at Barnegat was recognized with two 2005 SAM Awards: one for Best Black and White Ad Under ¼ Page and one for Best Landscape Design for Detached Community $300,000 -$450,000.

The Walters Group was also recognized by the Delaware Valley Smart Growth Alliance (DVAGA) for meeting the Alliance's stringent criteria for Smart Growth. Those criteria include location, density, design and diversity of use, transportation, environment and community assets and participation.

Executive Biographies:
Edward Walters, Jr., founder and partner, has been influential in cultivating the business opportunities that sparked the growth of the company since its inception. While earning a B.A. in English from St. Joseph's University, Philadelphia, Pa., in 1984, he began his career as a carpenter and an entrepreneur. His first construction involved custom single-family homes in communities around Long Beach Island and in the Forked River region of Ocean County, N.J. Building on this activity, he expanded into the creation and planning of residential communities with a vision to develop vibrant neighborhoods where families could live, work and grow. The affinity he demonstrated for development in previously underdeveloped areas produced stable growth and investment for the region and for his firm. To this day, Mr. Walters, a member of the New Jersey Builders Association (NJBA), upholds the promotion, protection and improvement of the building industry. He serves as a guide for the growth of his organization and remains involved in all aspects of the business with a focus on design and construction.

Timothy Regan, chief financial officer and partner, joined Walters in 1992 and currently oversees property development, business development and finance. Since joining the organization, Mr. Regan has spearheaded the closing of more than $400 million in financing for construction, development and permanent mortgages and the company's overall business growth. Prior to joining Walters, Mr. Regan worked as asset manager at Vesterra Corporation, a shopping center development and management firm in Blue Bell, Pa. His responsibilities included managing more than one million square feet of space. Mr. Regan also specialized in the real estate and banking industries while serving with the Audit and Management Consulting Departments of KPMG. Mr. Regan is a member of the NJBA and serves on the Advisory Board of Penn Liberty Bank, headquartered in Wayne, Pa. He earned a B.S. in Financial Management (Accounting) in 1985 from St. Joseph's University.

Joseph A. Del Duca, partner and general counsel, joined Walters in 2004. Mr. Del Duca is responsible for all of the company's legal activities relating to land use, public/private partnerships, approvals, and environmental matters. Mr. Del Duca has been affiliated with Walters for more than 10 years and has been an integral part of the team that spearheaded the growth of the company. Prior to joining Walters, Mr. Del Duca was a partner at Madden, Madden and Del Duca, where he represented retail and residential clients including Walters Homes, Commerce Bank, Home Depot USA and the Haddonfield Planning Board. Mr. Del Duca has authored several law review articles and is often invited to speak publicly on land use, environmental law and real estate issues. After obtaining his B.A. in history from Ursinus College, Collegeville, Pa., he went on to earn his J.D. at Rutgers University in New Jersey.

Greg Walters, partner, has been a key member of the organization since 1984. Mr. Walters is primarily responsible for overseeing the Walters Homes' homeowner warranty division. He has been instrumental in developing a reputation in the construction industry for customer satisfaction and assists in overseeing onsite property management for all Walters properties. His extensive experience in all areas of construction makes him a valuable asset to Walters Contracting in the varied construction projects that the organization undertakes.

Management:
Ken DeMayo, vice president of construction, joined Walters in 1995 and currently oversees all aspects of site development management, construction personnel, purchasing and estimating. Since joining the organization, Mr. DeMayo has directed construction of hundreds of single-family homes and apartment units, more than 100,000 square feet of retail and office space, and a number of site and road improvement projects. Presently, Mr. DeMayo coordinates with the sales, marketing and warranty departments at Walters Homes. Most recently, he received the 2005 Director/V.P. of Construction of the Year Award from New Jersey Shore Builders Association (NJSBA). Prior to joining Walters, Mr. DeMayo served as project manager for the Garden State Land Group, where he was responsible for the construction of more than 200 high-end single-family homes in Mercer County, N.J. Mr. DeMayo earned a B.A. in Economics from Bethany College in West Virginia.

Jon Parker, construction manager, joined Walters in 1994 and currently oversees all field aspects of new home construction from permit to certificate of occupancy. Since joining the organization, Mr. Parker has constructed approximately 500 homes and has managed the construction of apartment buildings for the Atlantic Heights project. He was the recipient of the New Jersey Builders Association SAM award for Project Superintendent of the Year for 2000. Mr. Parker holds a residential construction building inspectors license and has attended Ocean County College.

Pamela Schuster, sales and marketing manager, joined the company's sales department in 1993. Today, Ms. Schuster oversees all residential and corporate marketing, and residential sales and closings for single- and multi-family for-sale communities. Previously, Ms. Schuster was an administrative assistant with the Stewardson-Dougherty real estate firm in Princeton, N.J., and worked as a sales representative and sales processor for The Linpro Group. Most recently, she received the 2005 Sales Manager of the Year and 2004 Community of the Year Award from New Jersey Shore Builders Association (NJSBA). Ms. Schuster has served on the Stafford Township School District Special Education Committee and is a current member of the Southern Regional Home and School Association (SRHSA). She obtained her New Jersey Real Estate License after attending Rider College in New Jersey.

Melissa Giarratano, asset manager, joined Walters in 2002 as community manager. Ms. Giarratano oversees property management of the organization's diverse portfolio of residential and commercial properties. Ms. Giarratano began her career as a leasing agent where she served as assistant manager of 294 units. She previously received an award for "Assistant Community Manager of the Year" at Zom Residential Services in Orlando, Fla., for achieving 100 percent occupancy during the lease-up process. She received her Florida real estate license while attending Florida Atlantic University. Ms. Giarratano obtained her NALP designation through the New Jersey Apartment Association (NJAA) in 2003 and is an active member of the NJAA.

Kevin Price, co-controller, joined Walters in 2002 as the accounting supervisor. Mr. Price oversees all aspects of accounting including financial analysis; general, cost and property accounting; accounts payable; and the preparation of interim and annual financial statements. Mr. Price has more than eight years of accounting experience in both public and private accounting. He earned a B.S. in Accounting from Rutgers University and is also a Certified Public Accountant and a member of the NJ Society of Certified Public Accountants.

Wayne Bacskai Jr., co-controller, joined the company in 2003 as an accounting supervisor. Mr. Bacskai prepares financial analysis of operations, including interim and final financial statements with supporting schedules. He also is involved in the supervision of general, property, and cost accounting; internal auditing; and budgeting controls. Mr. Bacskai has more than seven years of experience in public accounting and attended the Richard Stockton College in New Jersey, where he earned a B.A. in accounting.

The Walters Group Real Estate Portfolio
The Walters Group currently owns and manages a diverse portfolio of more than 1,500 residential units and 100,000 square feet of office and retail property, which it has developed since its inception. In addition, the company is in the process of developing an additional 650,000 square feet of commercial space, 650 units of for-sale market rate housing, and 200 units of multi-family and affordable housing. Highlights follow.

Large-scale Developments In Progress:
Ocean Acres, Barnegat, NJ: This ambitious single-family residential development of luxury homes is situated less than 10 minutes from Long Beach Island in the historic town of Barnegat, which is part of a national wildlife refuge on Barnegat Bay. Walters is the majority lot owner of the 1,350 buildable lots within the designated development area. The company is planning to construct the homes in phases over 10 years. Currently, the company has approvals for 209 homes within Phases 1, 4 and 5, which are currently being marketed and built. Prices start in the upper-$300,000 range with floor plans of up to 3,100 square feet.

Ocean Acres is a public/private partnership, which incorporates smart growth initiatives and protection of the New Jersey Pinelands through development within designated regional growth areas. Walters became involved in 1998 when it purchased the development rights and began acquiring individual lots. The company also was designated to develop the project infrastructure including roads, sewer, water and utilities at an estimated cost of more than $50 million. Installation of infrastructure is in the final approval stages.

To date, Walters has invested several million dollars on planning, design and engineering studies and working with The Pinelands Commission and the Township to define acreage eligible for development and conservation areas of the project. Walters reached an agreement with the Pinelands Commission in 2003 that involves protection of rare plants and endangered animal species, primarily snakes, and an expansion of the conservation zone. Approximately 40 percent of the Ocean Acres designated development will remain in its natural state.

Stafford Park, Stafford Township, NJ: This exciting and imaginative 370-acre mixed-use redevelopment is rising on the site of a former landfill in Stafford Township at Exit 63 of the Garden State Parkway, within the New Jersey Pinelands Growth Area. Featuring spectacular residential, retail and recreational components, the development will integrate 565 homes and approximately 112 affordable apartments; 100,000 square feet of office space with various municipal facilities; and a 650,000-square-foot retail. The retail complex will feature three major anchor stores, including Target and Costco, five mid-sized stores, among them Best Buy, Dick's Sporting Goods and PetSmart, and a dozen or so boutiques and restaurants.

The official groundbreaking took place on May 1, 2007. The first stage of the project, involving remediation of the site surrounding the landfills and their closing, began in December 2006 and has been completed.

Walters has signed with two big-box anchor tenants, Costco and Target, which are now open. A third big-box tenant is expected to be added to the retail mix in the future. Three of the five mid-sized tenants planned for the center have been signed, which include Best Buy, Dick's and PetSmart and are open.

Residential Projects in Progress:
Albertson Village, Haddon Township, NJ: Walters plans to redevelop this 3-1/2 acre former industrial site into multi-family housing. Walters has proposed a 66-unit apartment complex for the project, which is strategically located near Camden with proximity to stores, restaurants and the high-speed rail line to Philadelphia.

Whispering Hills, Barnegat, NJ: This planned residential community will consist of 258 rental and for-sale units on 78 acres consisting of single-family homes, town homes and affordable apartments. The property is ideally situated with proximity to abundant recreational amenities including swimming, fishing and boating. Preconstruction marketing and sales is currently underway. Construction is expected to get underway soon.

Oxford, and East Nottingham, Pa.: Two separate residential projects are planned for these scenic Chester County communities. Walters plans to develop a total of 574 homes with 274 luxury single-family homes proposed for an 81-acre site in East Nottingham, and 300 senior housing units are planned for a 95-acre site situated in Lower Oxford Township. The projects are awaiting final site plan approval and completion of infrastructure improvement.

Commercial Projects In Progress:
Atlantic Commons, Barnegat, NJ: This phased professional business park on Barnegat Boulevard includes four buildings of 5,370 square feet each. Building 400, constructed in 1998, serves as the headquarters for Walters and houses Bright Start Nursery School. Walters expanded and relocated its headquarters to Building 100. Two new tenants, Crossroads Realty and the Van Dyk Group, occupy Buildings 300 and 400. Crossroads Realty is currently serving as exclusive leasing agent for the remaining 5,370-square-foot Building 200, which is currently available.

Completed Residential Projects:
Atlantic Heights Apartments, Barnegat, NJ: Walters Group's apartment community development, the 310-unit Atlantic Heights multi-family project is situated on 48 acres in Southern Ocean County. Amenities include an onsite clubhouse, swimming pool and fitness centers. For more information, visit www.atlanticheights.com.

Brookville Manor, Barnegat, NJ: Built between 1997 and 2003, these 119 homes were sold out in 2003.

Ocean Acres, Stafford Township, NJ: (1992-1998) Walters has built 414 homes within the large-scale Ocean Acres development in Stafford Township. This development abuts the Ocean Acres, Barnegat project and also includes 126 homes in The Oaks of Stafford, built between 1994-1999; 66 homes within Atlantic Estates, built between 1999-2003; and 41 homes developed in The Leeward Gaff area from 1999-2002. The development was a public/private partnership in which Walters also completed infrastructure installation of roads, curbs and utilities for a number of the neighborhoods.

Rose Hill Estates, Barnegat Township, NJ: (2003-2005) This development consists of 54 lots located off Barnegat Boulevard North in Barnegat Township near the Township Sports Complex and three schools. Walters developed these single-family homes.

Rose Hill Manor, Barnegat, NJ: (1997-2003) This project featured 134 lots for single-family home construction.

Completed Commercial Projects:
Barnegat Village Square, Barnegat, NJ: Walters developed this 70,000-square-foot shopping center in 1998. The tenant roster includes a Genuardi's food market, Burger King, and an additional 22,000 square feet of smaller retail shops.

Completed Student Housing:
West Chester Commons, West Goshen, Pa.: In 2004, Walters undertook the environmental challenges of redeveloping an old abandoned warehouse into its first off-campus, student housing project. Located in the proximity of West Chester University in Pennsylvania, this student housing facility offers housing for 459 students in 128 apartments. The one- to four-bedroom units also include common living rooms, dining rooms and kitchens. Recreational amenities include a state-of-the-art fitness center, volleyball court, basketball court and pool tables. For more information, visit www.wccommons.com.

College Arms, West Chester, Pa.: College Arms Apartments is a renovated off-campus student housing development. The housing was created for West Chester University students, offering 41 independent living units with 101 beds. Amenities include picnic areas with grills, and residents are able to use all of West Chester Commons' amenities. For more information, visit www.collegearms.com.

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Website:  www.waltershomes.com