Highlighting the Branchburg-based company’s success in 2023 was its signing of 1,139 new leases and 1,686 lease renewals to achieve a portfoliowide 78% renewal rate, compared with a national average according to data from Yardi Matrix, Rent.com and GlobeSt of 60.4%, and a 97% occupancy rate, compared with the national average of 94.8%.
Additionally, Hillsborough Village Center, the company’s 191-unit mixed-use community in Hillsborough completed in 2022, took home three Sales & Marketing Awards, including Best Home in a Rental Community with 200 Apartments or Less, at the New Jersey Builders Association’s 2023 Atlantic Builders Convention.
The firm’s leasing accomplishments in 2023 were powered by its collaborative asset management approach and continued adoption of the latest real estate technologies. Leveraging artificial intelligence-powered chatbot and email-bot products, Larken Associates invited prospective residents to learn more about available residences and complete the leasing process virtually. Use of the products saved the firm’s staff 6,575 hours and streamlined its leasing operations.
“The accomplishments of 2023 are a testament to the talent and hard work of our entire residential team,” David Gardner, CEO and president of Larken Associates, said. “We take tremendous pride in providing residents with spaces where they love to live, and we are excited to further execute our residential development pipeline and bring more communities to life in 2024.”
In the fall of 2023, the company also broke ground at Monte View at Pohatcong, a 120-unit multifamily community located at 1001 Monte View Drive in Pohatcong. With occupancy slated for late 2024, the community will feature three multistory garden-style buildings and one four-story elevatored building enhanced by a resort-style amenity package including a clubhouse, outdoor pool, fitness center, tot lot, pet spa, bark park and more. In addition, the firm is currently in the early planning stages of several additional multifamily communities that will soon join the Larken Living portfolio.