At CB New Homes, we talk a lot about Success Stories—communities we’ve been privileged to work on to achieve the desired objectives. Some folks automatically think “new home sales” when they hear that, perhaps based on our name alone. But the truth is, we are just as passionate about residential rental properties as we are about for-sale communities—and the results we’ve achieved for the rental buildings entrusted to our care speak volumes about that passion.
From city to suburbia, we’ve represented residential rental properties catering to millennials, empty nesters, and everyone in between. Our depth and breadth of experience, both geographically and demographically, serve our clients well, as evidenced by the results we achieve for them.
PAST SUCCESS STORIES
For instance, 333 Central in Westfield, New Jersey is a collection of 70 luxury rental residences in a town known for its vibrant, upscale lifestyle. The target market was primarily affluent empty nesters transitioning from large single-family detached homes in the local area. Increasing their comfort level with their decision to downsize proved to be the most pressing challenge. Our leasing specialists, however, thoroughly understood and encouraged their desire to simplify their lives and free themselves from the many responsibilities of homeownership while reminding them of their primary goal: to remain close to family and friends in the area. They reiterated the extraordinary quality of life available in walkable downtown Westfield, including a dynamic arts scene, eclectic dining options, world-class shopping, excellent healthcare, and convenience to all modes of transportation. Because of their expertise, our leasing team achieved a 35 percent conversion rate of prospects seen, nearly triple the national rate.
221 Bergen is an intimate 104-unit apartment community in Harrison, New Jersey that faced many challenges from the outset. The community competed with other new construction that offered larger buildings with a full array of lifestyle amenities. Discoverability was hampered by virtue of being located away from significant drive-by traffic.
By positioning 221 Bergen as a secure boutique-style community which included the lifestyle amenities most desired by our target audience, we achieved 35 percent leased status in the first 30 days and were fully leased in just eight months.
RECENT SUCCESS STORIES
In Madison, New Jersey, two recent rental success stories for CB New Homes are Rose Hall and 17 Greenwood.
Rose Hall is a boutique-style community consisting of two buildings with a total of 100 apartments. A much larger competitor (250+ apartments) opened at the same time and boasted far more amenities than Rose Hall. Our leasing team was able to build value by emphasizing the benefits of Rose Hall’s more intimate size, as well as the fact that it is within walking distance of vibrant downtown Madison while the competitor is not. As a result, Rose Hall is fully leased with a wait list for future availability.
The intimate rental residence known as 17 Greenwood consists of just 18 units located on a busy street in downtown Madison. An early marketing imperative was to take advantage of that visibility with a large banner. Our leasing team emphasized the convenience of living in the dynamic downtown district, something we knew would resonate with our target market. The building was fully leased in less than two months.
CURRENT SUCCESS STORIES
325 Ferry Street in the North Ironbound section of Newark, New Jersey is comprised of 91 large two-bedroom apartments. By far the biggest challenge is the inaccurate perception of Newark among many prospective renters who are unaware of the transformation of the city in recent years. Our marketing strategy included a website, social media presence, and PR that emphasize the community’s location in the Ironbound, a section of Newark that is known for its established, traditional, family-friendly Portuguese neighborhood. Our leasing team was also extremely successful in promoting the value of 325 Ferry and its location by comparing it to similarly sized units and amenities which are available in nearby Harrison at a higher cost. The result: the community is 75 percent leased in less than six months.
FUTURE SUCCESS STORIES
REVA Rahway Apartments, scheduled to debut in December 2019, offer 218 one- and two-bedroom apartments within walking distance to downtown Rahway and the train station. Targeted to NYC commuters and Garden State Parkway/NJ Turnpike commuters, the project brings a new level of luxury amenities to the area, as well as unmatched convenience to transportation corridors.
30 Court Street in Morristown, New Jersey, is a boutique building of just 59 apartments on a quiet street within walking distance to downtown Morristown, scheduled to open in the spring/summer of 2020. These large residences offer two bedrooms (some with dens), two under-building parking spaces, on-site storage, fitness center, and outdoor patio. Targeted to affluent empty nesters from the area who have sold their estate home but want to keep a footprint in desirable Morristown with a “lock-and-leave” lifestyle.
HOW CAN CB NEW HOMES HELP YOU?
Over the years we’ve helped developers bring their residential rental properties to successful conclusions. We’ve faced challenges, developed strategies, and achieved results that stand out in the industry.
So … how can CB New Homes help you?