Evan’s Mill in Cherry Hill — Courtesy: Sterling Properties
By Joshua Burd
A joint venture has unveiled a new 152-unit apartment complex in Cherry Hill, touting a project with larger unit sizes than those found in competing developments.
Sterling Properties and its partner, Bob Dale, announced the start of leasing at the property they call Evan’s Mill. Sitting at the intersection of Brace and Kresson roads, the complex is home to a mix of one- and two-bedroom units that span as much as 1,660 square feet.
In detailing the project, the builders said they opted to buck the trend toward the types of smaller, more efficient apartments that help control construction costs and maximize return per unit.
“The aspect that ultimately tends to suffer with that approach is the home layout and tenant experience,” said Nick Hollenbeck, director of sales and marketing for Sterling Properties, which is based in Livingston. “It’s nearly impossible to get everything today’s two-bedroom renter wants in a 1,000-square-foot box. We saw an opportunity to go against the grain on this project, particularly given the existing inventory, our location within a very high end suburb with a robust local economy and the increasing market segment of renters who are either downsizing from homes or preparing for home ownership and simply require more space.”
Hollenbeck said the advantages in introducing larger, modern apartments to lure a more sophisticated renter outweighed the potential risks for Sterling Properties. Nearly 40 units have been reserved during a grand opening period.
“The flipside, or risk, is the project becomes a bit more expensive and there’s potential for diminishing returns if the market dictates a firm rental price for a two-bedroom apartment, whether it’s 1,000 or 1,500 square feet,” he said. “In the case of Evan’s Mill we went for it because we saw it as a great opportunity to fill a product gap in an already strong rental market.
“We were confident that delivering the type of experience that today’s renters want would result in a more efficient leasing program and resident retention. The absorption rate already achieved at Evan’s Mill validates all our beliefs.”
The complex features townhome-style apartments and single-level homes in three-story elevator buildings, according to a news release. The majority of the unit mix consists of two-bedroom and two-bedroom with den homes, ranging from 1,373 to 1,660 square feet priced from $2,500 to $3,000.
Sterling also pointed to one-bedroom and one-bedroom with den layouts ranging from 707 to 1030 square feet, which are priced from $1,600 to $1,900, along with smaller two-bedroom designs starting at 1,035 to 1,162 square feet and priced between $1,995 and $2,300.
The apartments feature high-end finishes and design, while renters have access to amenities such as a clubhouse, outdoor pool, fitness center and bocce court. The community is connected by walking trails to the Croft Farm Arts Center and the Cooper River park system at Challenge Grove Park, featuring a community bike share program.
The developers also touted the site’s proximity to the New Jersey Turnpike, Interstate 295 and Route 70, along with PATCO Speedline service to Philadelphia.
