Sterling Properties, a New Jersey-based developer, along with partner Bob Dale, has recently launched the leasing program for Evan’s Mill, an apartment community in Cherry Hill.
The community, located at 1350 Brace Road, features 152 one- and two-bedroom townhome-style apartments. They range in size from 707 to 1,660 square feet and are priced between $1,600 and $3,000.
“One of the recent trends in the multifamily rental market is to build smaller, efficiency-based layouts,” said Nick Hollenbeck, director of sales and marketing for Sterling Properties. “From a business standpoint this makes a lot of sense, allowing developers to keep construction costs under control and maximize the rental cost per foot achieved on the project.
“The aspect that ultimately tends to suffer with that approach is the home layout and tenant experience. 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.”
Approximately 40 apartments are already reserved, Hollenbeck said.
“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 apartment community offers its residents recreational and social amenities including a clubhouse and outdoor pool, a fitness center, a yoga room, a dog park and a bocce court.
It is within close access to Routes 295 and 70.
