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  • Writer's pictureMAREJ

Larken Associates celebrates successful 2023 across New Jersey residential portfolio

Branchburg, NJ — Larken Associates, a regional leader in real estate building, development and management, announced another successful year across its 2,500-unit Larken Living residential portfolio.

Highlighting the company’s success in 2023 was its signing of 1,139 new leases and 1,686 lease renewals to achieve a portfolio-wide 78% renewal rate, compared to the national average of 60.4%*, and a 97% occupancy rate, compared to 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 (SAM) 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 AI-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,” said David Gardner, president and CEO of Larken Associates. “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 Dr. in Pohatcong. With occupancy slated for late 2024, the community will feature three multi-story 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.

*According to data sourced from Yardi Matrix, and GlobeSt.

In other news, Larken Associates has negotiated a lease with Sovereign Care Services for a 5,384 s/f medical office space, bringing Princess Road Office Park located at 4 Princess Rd. in Lawrenceville. to full occupancy. Larken Associates was represented by Rob Marek, executive vice president of Raider Realty, the in-house brokerage of Larken Associates, in the transaction.

“We are thrilled for the opportunity to execute our mission in Lawrenceville and its nearby communities,” said Thelma Wilson, president of Sovereign Care Services. “This new space will provide us the setting we need to continue serving our clients with the highest standard of care.”

Marek added, “We are pleased to help such an impactful business find the space it needs to deliver care to its client base. Sovereign Care Services will undoubtedly elevate the lives of families in Lawrenceville and the surrounding communities, and we are proud to welcome them as our tenant.”

Now fully leased, Princess Road Office Park is a two-building complex comprised of 49,094 s/f of office and medical space at the interchange of Exit 68 and Rte. 295 near Princeton Pike and Franklin Corner Rd.


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