CLIFTON, NJ – Value Asset Management (VAM), a full-service division of the Clifton, N.J.-based Value Companies, Inc., has been retained to oversee the leasing and management of two neighboring apartment buildings totaling 96 homes in the Essex County Town of Montclair.
The new assignment is reflective of the company’s ability to lead real estate operations at a broad range of property types, from existing apartment complexes in need of a reinvigorated management program to brand new rental buildings being brought to market. The Montclair portfolio consists of The Montclarion, a 56-unit rental building originally built in 1985; and The Montclarion at Bay Street Station, a new five-story, 40-home LEED certified apartment building expected to open leasing in early 2017.
Value Asset Management will immediately take over management, leasing and marketing efforts on behalf of Richard Polton, the building’s owner and developer.
“The properties are in different stages of need and the owner was looking for one management company that was well-versed in handling both an established apartment community, as well as experienced in launching a leasing program for a new ground-up rental building,” says Jack Linefsky, Vice President of Property Management for Value Companies. “With more than 60 years of developing, owning and managing apartment complexes, we were able to bring the type of insight and knowledge needed to achieve and maintain a high occupancy level at The Montclarion and execute a successful leasing program at The Montclarion at Bay Street Station.”
The Montclarion is located at 10 Pine Street and has recently undergone strategic renovations, including a new exterior façade and windows, new entryways; improved hallways, solar installation and upgraded kitchen and baths in many homes, to bring the property to market standards. The building features 56 one- and two-bedroom apartments in a four-story elevator building.
Located at 125 Bloomfield Avenue, The Montclarion at Bay Street Station will offer 40 luxurious one-and two-bedroom homes and a select number of two-bedroom Penthouses. Homes will boast designer interior elements such as 9′ plus ceiling heights, hardwood floors, modern style kitchens and washer/dryers in each home. Residents of will receive an idyllic apartment lifestyle thanks to recreational and social amenities located in The Montclarion at Bay Street Station. Steps from their front door residents will find a rooftop patio, fully-equipped exercise room and business center/lounge.
The properties are situated feet from the Bay Street New Jersey Transit Station connecting to Secaucus Junction, Newark, Hoboken, Penn Station and New York City. There’s also New Jersey Transit Busses available right outside the complexes with fast access into Manhattan.
Residents will also benefit from an address near countless everyday conveniences, as well as the cultural, dining and entertainment for which Montclair is known. The communities are within walking distance to Montclair Center and the redeveloping Lackawanna Plaza. There’s also easy access to nearby shops, including a Panera, a Smash Burger, PNC Bank and a 7-11.
“Montclair is widely known for its lively, walkable environment, trendy lifestyle and excellent commutability and these premium properties lie right in the heart of all this desirable Township has to offer,’ Mr. Linefsky adds.
Value Asset Management was formed by Value Companies to provide full-service management capabilities and customized asset solutions to third-party real estate investment and property owner clients. Headed by CEO and President Andrew Abramson, Value Companies boasts an impressive portfolio of approximately 3,226 multifamily apartments across fifteen communities in New Jersey, Pennsylvania, and New York.
The firm has an outstanding track record in property management for more than six decades; 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.
“One key to our success has been an ability to grow and adapt to the ever-changing rental marketplace and expand from traditional methods by employing innovative techniques to effectively market and manage our properties,” noted Mr. Abramson.
“This ability to understand the current rental landscape, as well as our strong knowledge of local markets, has allowed us to achieve and maintain historically-high occupancy levels at our communities despite current economic conditions and challenges. Value Asset Management passes along this expertise and knowledge to outside property owners and developers concerned with effective community operations, raising the bottom line and increasing profit margins.”
Value Asset Management offers 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, Mr. Abramson points out.
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 such as Dorchester Manor in New Milford and Ridge Park Apartments in North Arlington.
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.