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ELIZABETHPORT, N.J. — Waters Edge Crescent, located on Magnolia Avenue, has officially opened. Community Investment Strategies was the developer and property manager and R. Stone & Co. was the contractor for the deal. Originally intended to be a 48-unit for-sale townhome community, Waters Edge Crescent was transitioned to a 71-unit tax credit rental community in the aftermath of the residential housing foreclosure crisis in 2008. The total development cost of Waters Edge Crescent was $21,474,489.