Saddle Brook, N.J.—140 Mayhill, a 158-unit luxury multifamily property in Saddle Brook, N.J. that opened in 2009, is currently more than 90 percent occupied, according to developer and owner Value Companies Inc. Additionally, the community was awarded New Jersey Apartment Association’s 2012 award for Excellence in Property Management.
“140 Mayhill was introduced at a time when economic conditions were affecting both the leasing and retention rates in the apartment market,” Andrew Abramson, president of Value Companies, tells MHN. “140 Mayhill, however, achieved a near lease-up in a timeframe that would have been considered notable even during the height of the market and has been able to maintain extremely high occupancy rates.
The community includes one- and two-bedroom units, which range in size from 753 square feet to 1,300 square feet. The apartments feature hardwood floors, French doors leading to private balconies, washers and dryers, walk-in closets, stainless steel appliances, and granite countertops.
Amenities for 140 Mayhill include a clubroom with a catering kitchen, flat-screen television, iPod docking stations, and fitness center with cardio machines and free weights.
But, according to Abramson, what really appeals to residents is the feeling of community.
“Several factors can be attributed to the success we continue to have,” he says. “Of course, the ability to offer upscale homes in a commuter-friendly location just off Route 80 at rental rates much more reasonable than comparable buildings in nearby Hudson County, N.J. is a prime consideration. However, also contributing is the close-knit, neighborhood environment that has emerged. There’s a great deal of social interaction taking place amongst the residents, particularly in the community’s amenity spaces, which enhances the overall lifestyle we’ve created here.”
Abramson continues, “The developer provides the space, but it’s the residents who make the community, and they’ve certainly done that here.”