The Raye by Vermella at 51 Route 1 in New Brunswick — Courtesy: Russo Development
By Joshua Burd
Russo Development is on the path to leasing up a new 272-unit luxury multifamily project in New Brunswick, where it has brought fresh life to what was an aging highway retail site.
The firm said Monday that it has rented more than the 90 percent of the complex, The Raye by Vermella, some seven months after its debut near the junction of routes 1 and 18. That reflects what the developer described as a modern residential experience shaped around elevated design and flexible community spaces, as well as the site’s access to the region’s cultural, academic and economic anchors that are thriving as New Brunswick continues to grow.
The offering, the first phase of a 534-unit project, has redeveloped a former vacant Sears property with a collection of homes ranging from studios to three-bedroom apartments. Minno & Wasko Architects and Planners is the architect.
“New Brunswick is welcoming a new generation of residents, and Raye is meeting that moment,” said John Calabrese, a vice president with Russo Development. “The city’s continued investment in its school system, health care infrastructure and commercial and business activity, alongside the growing influence of Rutgers University, has created a dynamic environment that renters are responding to immediately. Raye reflects the future of this corridor, and the market has validated that vision faster than even we anticipated.”
Residents of The Raye by Vermella are minutes from both the New Jersey Turnpike and downtown New Brunswick, which they can access via the complex’s private shuttle service to the New Brunswick train station. They also have access to upscale on-site amenities such as a pool courtyard with grilling areas and fire pits, a fitness center, package lockers, a clubroom and a gaming and bar room, among others.
Russo added that Raye is experiencing substantial ongoing demand despite concerns about what is traditionally a slower period around the holidays. Still, the firm has introduced a limited set of holiday leasing specials and incentives for prospective new residents.
“We are pacing toward full lease-up far ahead of expectations, and at the current rate, there may be only one month left to be among the first residents to live at Raye,” said Courtney Mulligan, vice president of marketing for Russo Development. “Even prospective residents who may not move in until February are strongly encouraged to inquire now. Russo communities historically maintain very high renewal rates, which means early availability is often the best — and sometimes the only — opportunity to select a preferred home.”
Russo lands $162 million loan for new 534-unit ‘Vermella’ rental project in New Brunswick
