6C — February 2024 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Company secures 1,825 new leases & renewals, achieving 78% portfolio-wide renewal rate Larken Associates celebrates successful 2023 across New Jersey residential portfolio B RANCHBURG, NJ — Larken Associates , a regional leader in real
The firm’s leasing accomplish - ments in 2023 were powered by its collaborative asset manage- ment approach and continued adoption of the latest real estate technologies. Leveraging AI- powered chatbot and email-bot products, Larken Associates invited prospective residents to learn more about available resi- dences and complete the leasing process virtually. Use of the products saved the firm’s staff 6,575 hours and streamlined its leasing operations. “The accomplishments of 2023 are a testament to the talent and hard work of our entire residential team,” said
David Gardner , president and CEO of Larken Associ- ates. “We take tremendous pride in providing residents with spaces where they love to live, and we are excited to further execute our residen- tial development pipeline and bring more communities to life in 2024.” In the fall of 2023, the com- pany also broke ground at Monte View at Pohatcong, a 120-unit multifamily com- munity located at 1001 Monte View Dr. in Pohatcong. With occupancy slated for late 2024, the community will feature three multi-story garden-style buildings and one four-story el- evatored building enhanced by a resort-style amenity package including a clubhouse, outdoor pool, fitness center, tot lot, pet spa, bark park and more. In addition, the firm is currently in the early planning stages of several additional multifamily communities that will soon join the Larken Living portfolio. * According to data sourced from Yardi Matrix, Rent.com and GlobeSt . In other news, Larken Associ- ates has negotiated a lease with Sovereign Care Services for a 5,384 s/f medical office space, bringing Princess Road Office Park located at 4 Princess Rd. in Lawrenceville. to full occu- pancy. Larken Associates was represented by Rob Marek , executive vice president of Raider Realty , the in-house brokerage of Larken Associ- ates, in the transaction. “We are thrilled for the op- portunity to execute our mis- sion in Lawrenceville and its nearby communities,” said Thelma Wilson, president of Sovereign Care Services. “This new space will provide us the setting we need to continue serving our clients with the highest standard of care.” Marek added, “We are pleased to help such an impactful busi- ness find the space it needs to deliver care to its client base. Sovereign Care Services will undoubtedly elevate the lives of families in Lawrenceville and the surrounding communities, and we are proud to welcome them as our tenant.” Now fully leased, Princess Road Office Park is a two- building complex comprised of 49,094 s/f of office and medi - cal space at the interchange of Exit 68 and Rte. 295 near Princeton Pike and Franklin Corner Rd. MAREJ
estate building, development and management, announced another successful year across its 2,500-unit Larken Living residential portfolio. Highlighting the company’s success in 2023 was its signing of 1,139 new leases and 1,686 lease renewals to achieve a portfolio-wide 78% renewal rate, compared to the national average of 60.4% * , and a 97% occupancy rate, compared to the national average of 94.8% * . Additionally, Hillsborough Village Center, the company’s
The Ridge at Readington in Whitehouse Station, NJ
191-unit mixed-use communi- ty in Hillsborough, completed in 2022, took home three Sales & Marketing (SAM) Awards including Best Home
in a Rental Community with 200 Apartments or Less at the New Jersey Builders Association’s 2023 Atlantic Builders Convention.
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www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001
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