Value Cos. Offers Renter Incentives at Luxury and Market-Rate N.J. Communities
- Feb 20, 2009
By Erika Schnitzer, Associate EditorClifton, N.J.—Value Companies, a real estate development, investment and management company, is offering incentives to renters at its northern New Jersey communities, one-third of the company’s portfolio. “Because of current economic conditions, there is a real flight to quality and value. Renters, more than ever, want to feel like they are getting a great deal without having to compromise on the details that make a community a truly great place to live, such as amenities, space and high-level finishes,” Jon Moore, vice president of development for Value Companies, tells MHN. While Moore says that Value Companies’ communities “consistently enjoy high occupancy” regardless of the market cycle, he believes offering these incentives is important to stay competitive in the marketplace, as is “providing unmatched value to our residents.” “Addressing the needs of our renter base is always at the forefront of our business approach.”Because the company’s portfolio consists of both luxury and market-rate properties, Moore asserts that the target market varies greatly. However, he points out, “because of the current slowdown in the for-sale marketplace, we have many visitors to our leasing centers looking for rentals that, possibly in another market, would have been searching for an opportunity to buy. As a result, our marketing approach has expanded to include those people who are on the fence about buying or renting.”The incentives, which currently includes one-month free on a 13-month lease, are being offered throughout the winter months at many of Value Companies’ award-winning properties, including the 903-unit Gateways at Randolph, which won the 2008 Apartment Community of the Year award from the New Jersey Apartment Association and Foxhall Apartments, which was a recipient of the 2007 New Jersey Apartment Association’s Garden State Award for Best Curb Appeal. Value Companies’ newest luxury community, 140 Mayhill (pictured), which is comprised of 158 units and is located in Saddle Brook, N.J., is also offering incentives, as are Saddle Brook Apartments and Ten Sampson, also in Saddle Brook; Arla Apartments and Landra Apartments in Nutley; Crestview Apartments in Sayreville; and Foxhall Apartments in Passaic.