The clubhouse at The Nell at 100 South Washington Ave. in Dunellen — Courtesy: Prism Capital Partners
By Joshua Burd
Prism Capital Partners has leased more than 50 percent of a new 252-unit luxury multifamily property in downtown Dunellen, the developer announced Tuesday.
Known as The Nell, the complex is part of a project that has brought new life to a former industrial property across from the borough’s train station and adjacent to its central business district. That has helped fuel traffic at the community at 100 South Washington Ave., which hit the market late last year.
Prism is leasing The Nell in tandem with The Marketing Directors, offering introductory monthly net rents from $2,072 for one-bedroom and $2,515 for two-bedroom layouts, including up to two months of free rent.
“The Nell has averaged 10 new leases per week for the past six weeks,” said Robert Fourniadis, Prism’s senior vice president for residential. He credited the on-site leasing team including The Marketing Directors’ Shanice Coull, Leo Loyo and Jamie Case.
At full build-out, The Nell will include 252 upscale rentals across six buildings, Prism said. Four buildings are now open, with the balance on track for delivery over the next two months.
Amenities at the property include a clubhouse with a high-end fitness center, a yoga room, a resident lounge and a community kitchen. It also features outdoor spaces such as a pool, a landscaped courtyard and entertainment area and private grilling areas.
“This one-of-a-kind community is attracting interest from a wide demographic,” Coull said. “We are seeing renters of all ages and diverse income levels coming from the local region as well as out of state.”
The construction leadership team for The Nell — which the firm said has been integral in meeting design and delivery targets — includes Project Manager Troy Branham, Senior Project Superintendent Pete Silveira and Project Superintendent Steve Tohlman.
“This talented Prism construction management team has executed top-quality work down to the smallest detail,” Fourniadis said. “We continue to receive rave reviews on the homes and amenities spaces from residents and prospective residents.”
The Nell also incorporates a retail building under construction, with in-place leases for Blue Foundry Bank and Kessler Rehabilitation Center. Additionally, the community includes 130 for-sale townhouses developed by K. Hovnanian Homes.