10B — July 13 - 26, 2018— Southern New Jersey — M id A tlantic
Real Estate Journal
S outhern N ew J ersey
Sterling Properties based in Livingston is the developer Leasing underway for new Cherry Hill rental community delivering oversized apartments C ing today’s renters want.
New Jersey’s rental market. The development partners, which have more than 50 years combined experience in greater Philadelphia real estate, took an opposite approach during the conceptualization and de- sign of Evan’s Mill, reversing the tendency to decrease the size of new apartments in order to maximize their appeal. To do so, the development team utilized their collective knowledge, extensive research and consumer feedback to de- liver oversized two-bedroom apartments at Evan’s Mill and provide the exact kind of hous-
HERRY HILL, NJ — New Jersey developer Sterling Properties has bucked the trend towards building smaller apartments in high density rental projects to introduce a brand new apart- ment community that responds directly to the needs of its tar- get demographic. The Livingston based devel- oper, along with partner Bob Dale, recently launched the leasing program for Evan’s Mill, a collection of 152 one- and two-bedroom homes in Cherry Hill, that features some of the largest floorplans in southern
“One of the recent trends in the multi-family rental market is to build smaller, efficiency- based layouts,” said Nick Hollenbeck , director of sales and marketing for Sterling Properties. “From a business standpoint this makes a lot of sense, allowing developers to keep construction costs un- der control and maximize the rental cost per foot achieved on the project. “The aspect that ultimately tends to suffer with that ap- proach is the home layout and tenant experience. It’s nearly impossible to get ev- erything today’s two-bedroom renter wants in a 1,000 s/f box. We saw an opportunity to go against the grain on this project, particularly given the existing inventory, our location within a very high end suburb with a robust local economy, and the increasing market segment of renters who are either downsizing from homes or preparing for home owner- ship and simply require more space.” The advantages in intro- ducing spacious and modern apartments to lure a more so- phisticated renter outweighed the potential risks for Sterling Properties, Hollenbeck points out. “The flipside, or risk, is the project becomes a bit more expensive and there’s poten- tial for diminishing returns if the market dictates a firm rental price for a two-bedroom apartment, whether it’s 1,000 or 1,500 s/f,” he said. “In the case of Evan’s Mill we went for it because we saw it as a great opportunity to fill a product gap in an already strong rental market. We were confident that delivering the type of ex- perience that today’s renters want would result in a more efficient leasing program and resident retention. The absorp- tion rate already achieved at Evan’s Mill validates all our beliefs.” The community is connected by walking trails to the Croft Farm Arts Center and the Cooper River park system at Challenge Grove Park and fea- ture a community bike share program. Evan’s Mill is situated at the intersection of Brace and Kres- son Rds. It’s prime location near major thoroughfares, in- cluding the New Jersey Tpke. and RTes. 295 and 70.
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