CLIFTON, NJ – Value Asset Management (VAM) has announced nearly 100% of the 234 apartment homes are now leased at Arlington Park, a garden-style community located at 20-B Ridge Park Drive in the Bergen County Borough of North Arlington.
The milestone mark is the direct result of an aggressive and innovative repositioning program instituted by Value Asset Management to capitalize on the burgeoning northern New Jersey rental market.
The Clifton, N.J. based advisory and management firm, which is a full-service division of Value Companies, Inc., created a community-specific plan to reinvigorate and re-launch the leasing, marketing and management efforts and address existing challenges. The reinvigorated property successfully tapped into the strong demand for competitively-priced rentals created by the influx of high-rise luxury buildings along the New Jersey “Gold Coast” and low vacancy rates at existing apartment complexes in Bergen, Passaic and Hudson Counties.
“There’s outstanding opportunities in northern New Jersey for proactive apartment owners willing to invest in capital improvements, improved operations and advanced marketing,” says Andrew Abramson, CEO and President of the Clifton, N.J.-based Value Companies, which was named the 2014 New Jersey Apartment Association Property Management Company of the Year. “They can quickly turn underutilized properties into well-performing communities by modernizing homes and grounds and improving operations and maintenance to appeal to the large pool of apartment hunters who don’t want to pay premiums for new construction buildings.”
“That’s where we come in. Value Asset Management provides creative management solutions for owners looking to reposition older apartment properties, bring them up to modern standards and take advantage of surging demand in one of the New York metropolitan area’s most active rental markets.”
Value Asset Management was retained in January 2014 by Arlington Park’s owners who wanted the expertise of a well-established, well-respected property manager which could oversee all aspects of operations.
“When assets are transferred, the next generation of real estate owners will often seek an advisory firm highly-skilled in all the variables that affect their holdings to ensure a smooth transition,” Mr. Abramson points out. “We employ a hands-on method that allows these industry professionals insight into on-going property management and result in very favorable profit margins over the course of the program.”
Value Asset Management utilized a comprehensive approach at Arlington Park which drew from its local market insight, highly-skilled in house management professionals, cutting-edge and efficient strategies and more than 50 years of experience as an award-winning apartment owner and manager.
The first step in the repositioning of Arlington Park included cosmetic enhancements to improve the community’s curb appeal with the complete rehabilitation of the landscaping. Apartments were renovated and updated with air conditioning, dishwashers and modernized kitchens and baths.
“We also applied a new marketing strategy that took full advantage of online resources and traditional outreach methods,” Mr. Abramson says. “We staffed the property with full-time leasing and maintenance professionals to provide a higher level of customer service and a faster, more efficient response to maintenance requests.”
Arlington Park features one- and two-bedroom apartment homes on professionally landscaped grounds. The community is in close proximity to nearby highways including Routes 3 and 17. A New Jersey Transit Bus Stop is located on-site, whisking residents into the business and entertainment centers of New York City.
Value Companies currently owns and manages a portfolio of 3,226 residential units across fifteen communities located throughout New Jersey, Pennsylvania and New York. The firm has an outstanding track record in property management since 1952; and its proven experience and passion for excellence have established the company as one of the Northeast’s leading real estate developers, owners and managers.
Value Asset Management will offer a “hands on” approach, staffing communities with the kind of multifamily professionals, leasing agents and maintenance personnel that have been instrumental in crafting Value’s sterling reputation for customer service and management efficiency.
As its corporate name suggests, Value Asset Management also, but not exclusively, specializes in value-add multifamily investments; properties where there are opportunities to redevelop, reposition, or generally improve the fixed assets, curb appeal, resident relations, maintenance operations and other programs that make improving real estate an exercise in community building and value creation.
Another added bonus is Value’s unique skill set that comes from developing, owning and managing a variety of properties, including large-scale suburban and urban sites and low-and mid-rise buildings.
For more information on Value Companies’ third party property management services, please contact the company headquarters at 973-473-2800 or visit www.valuecompanies.com.
About Value Companies
Value Companies, founded in 1952, is a leading real estate development, investment and management company. Across its development division, Value Companies has embarked in new apartment developments and investments in strategic suburban and urban locations throughout the country. Value’s development success is directly tied to its steadfast commitment and expertise in multifamily housing, and its ability to introduce new housing products that address consumer and community needs.
Value’s residential properties are built and managed by a highly-skilled, in-house management team of more than 80 industry professionals which oversee all aspects of Value’s communities, including construction, leasing, maintenance, property management and administration. Value’s third-party management business, Value Asset Management (VAM), provides full-service management capabilities and customized asset solutions to a growing list of third-party real estate investment and property owner clients. Value Companies also received numerous industry awards for its various properties as well as being a 4-time recipient of the New Jersey Apartment Association Management Company of the Year award.
For more information, please contact Andrew Abramson, President and CEO of Value Companies, at its corporate headquarters at 973-473-2800 or visit www.valuecompanies.com