The Montclarion at Bay Street Station — Courtesy: Value Asset Management
By Joshua Burd
A newly built, 40-unit luxury apartment building in Montclair is fully leased.
Its developer and owner, Richard Polton, announced this week that The Montclarion at Bay Street Station has reached the milestone after a leasing effort led by Value Asset Management. Sitting at 125 Bloomfield St., the building has attracted renters due in part to its location just steps from an NJ Transit station.
Value Asset Management will now remain on hand to direct management and operations for the five-story building, Polton said. He noted that hiring that firm to oversee leasing “provided incredibly positive returns” for the property.
“It allowed us to tap into their extensive resources which include a market expertise and full staff of in-house leasing and marketing professionals, maintenance personnel and industry advisors,” Polton said. “This ensured the building would receive considerable rental interest and be quickly absorbed. Our relationship with them has paid big dividends.”
The structure is the new sister property to The Montclarion, a neighboring 56-unit rental building originally built in 1985 and recently upgraded by Polton. Last fall, the landlord tapped Value Asset Management to oversee leasing and management of the properties.
The Clifton-based firm, also known as VAM, is a full-service division of Value Cos. and provides management and asset solutions to third-party real estate investment and property owner clients, according to a news release. The Montclarion at Bay Street Station is one of many assignments the company has in northern New Jersey, with the ability to do everything from marketing ground-up developments to turning around existing apartment complexes.
VAM benefits from its parent company’s experience in developing, renovating and managing rental communities. The firm has taken on other assignments such as Dorchester Manor in New Milford and Arlington Park in North Arlington.