The Ridge at Readington at 100 Eagle Crest Way in Whitehouse Station — Courtesy: Larken Associates
By Joshua Burd
Larken Associates is eyeing continued growth for its residential platform after a strong year of leasing activity across its existing portfolio of some 2,500 apartments.
The real estate firm this week said it signed 1,139 new leases and 1,686 renewals to achieve a 78 percent renewal rate across its multifamily holdings, well above the national average of 60.4 percent cited by sources including Yardi Matrix, Rent.com and GlobeSt. As a result, it ended 2023 with a 97 percent occupancy rate, compared to the national average of 94.8 percent.
That traffic came alongside industry acclaim for its 191-unit mixed-use community known as Hillsborough Village Center, which opened in 2022 and took home three Sales & Marketing Awards from the New Jersey Builders Association’s 2023 Atlantic Builders Convention.
“The accomplishments of 2023 are a testament to the talent and hard work of our entire residential team,” said David Gardner, CEO and president Larken Associates. “We take tremendous pride in providing residents with spaces where they love to live, and we are excited to further execute our residential development pipeline and bring more communities to life in 2024.”
The firm, which cited a collaborative asset management approach and continued adoption of the latest real estate technologies, noted that it broke ground last fall on Monte View at Pohatcong, a 120-unit multifamily community at 1001 Monte View Drive in Pohatcong. With occupancy slated for late 2024, the community will have three multistory, garden-style buildings and one four-story elevatored building alongside an upscale amenity center.
It’s also in the early planning stages for several additional multifamily projects that will soon join the Larken Living portfolio.
Larken marks lease-up of new luxury rental properties in Bordentown, Whitehouse Station
