The first new construction multi-family rental building to be introduced in this Passaic County township in a generation, the collection of 34 one- and two-bedroom luxury apartments achieved the 100% leased mark a few short months after its official fall debut. The quick execution of the leasing program at 44 Main is clear evidence of the strengthening appetite for urban-style living throughout New Jersey’s downtown districts, indicates Jack Linefsky, Vice President of Property Management for VAM.
“There’s unquestionably a growing desire to live in walkable locations with easy access to mass transportation, and it’s not limited to larger cities such as Hoboken and Jersey City,” Mr. Linefsky says. “Today’s renters are also turning to municipalities just outside New York City’s immediate suburbs where they can find a similar urban-infused environment at much more competitive pricing.
“At 44 Main, we leveraged its location minutes from New Jersey Transit trains with direct service into Manhattan, proximity to a wealth of local shops, dining and services, and luxury apartments in an amenitized building with affordable monthly rents to attract both young renters and local empty-nesters seeking a lifestyle similar to that found in New Jersey’s Gold Coast cities.”
Developed by KV Realty LLC, the three-story 44 Main building features a lower level amenity floor with bike storage, a residents-only clubroom/lounge with full kitchen, flat screen T.V.’s and gaming tables and fully-equipped fitness center. There’s also ground floor retail space to provide residents quick access to a variety of local shops and services.
44 Main is the second assignment fully-leased by VAM in a transit-oriented environment in early 2018. The Clifton, N.J.-based company also recently completed the leasing program at The Montclarion at Bay Street Station, a new rental building located steps from New Jersey Transit’s Bay Street Station in Montclair.
VAM, a full-service division of Value Companies, provides management capabilities and customized asset solutions to third-party real estate investment and property owner clients. VAM has a well-respected track record and proven ability to market ground up developments and turnaround existing apartment complexes. Its notable successes include Dorchester Manor in New Milford, NJ and Arlington Park in North Arlington, NJ.
Value Asset Management offers a “hands on” approach, staffing communities with the kind of multifamily professionals, leasing agents and maintenance personnel that have been instrumental in crafting Value’s sterling reputation for customer service and management efficiency.
As its corporate name suggests, Value Asset Management also, but not exclusively, specializes in value-add multifamily investments; properties where there are opportunities to redevelop, reposition, or generally improve the fixed assets, curb appeal, resident relations, maintenance operations and other programs that make improving real estate an exercise in community building and value creation.
Another added bonus is Value’s unique skill set that comes from developing, owning and managing a variety of properties, including large-scale suburban and urban sites and low- and mid-rise buildings.
Value Companies currently owns and manages a portfolio of 3,226 residential units across fifteen communities located throughout New Jersey and New York. The firm has an outstanding track record in property management since 1952, and its proven experience and passion for excellence have established the company as one of the Northeast’s leading real estate developers, owners and managers.
For more information on Value Companies’ third party property management services, please contact the company headquarters at 973-473-2800 or visit www.valuecompanies.com.