The Preserve Adds Luxury Senior Housing to Northern N.J.
- Apr 15, 2016
By Samantha Goldberg
West Caldwell, N.J.—The Preserve, a new luxury apartment community is now welcoming residents aged 55 and older. Developed by The KABR Group and The Pinnacle Cos., The Preserve is located at 475 Passaic Ave. in West Caldwell, N.J., and offers 30 two-bedroom residences ranging in size from 1,350 square feet to 1,640 square feet. Leasing is currently underway for the apartments, which are larger than most rental units in northern New Jersey, with rents starting at $2,875.
“There is a strong demand for this type of housing in the market, as most options for new 55+ developments do not have an option to lease,” Brian Stolar, president & CEO of The Pinnacle Cos., told MHN. “We saw a need for an alternative that did not require consumers to tie up their capital in illiquid condo purchases.”
Stolar added that while the community is targeted for renters aged 55 and older, 20 percent of units are not age restricted.
Units are pet friendly and feature remote/mobile controlled thermostats and high-speed internet. Many residences also have balconies.
Set on a 30-acre property, the community includes amenities such as a full-time concierge, a clubhouse with fireplace and flat-screen TV, access control and security services, garage parking, two passenger elevators, a fitness facility, onsite storage, a business lounge and electric car charging capacity.
“Our ideal setting and high-end services give residents the exclusivity that the most discerning customers desire and deserve,” said Jude Mason, vice president of multifamily operations at The KABR Group.
Michelle Melillo, broker of record for The Pinnacle Cos. Realty Group and the exclusive broker for The Preserve, said the community is ideal for empty nesters with its location on scenic land but close proximity to major highways, shopping and dining.
KABR and Pinnacle have worked together in the past, purchasing the nonperforming construction loan for 39 unsold residences at Winthrop Court, a luxury condominium community in Clifton, N.J., back in 2011.
“KABR has a very strong financial and management team and we are a creative developer with a strong background in entitlement and construction,” Stolar said. “The two companies have a lot of synergy as a result of these overall capabilities. ”
Renderings courtesy of The Pinnacle Cos.