With a Target store headed to the ground floor in October, the Revel Apartments report that its 125 units are 42 percent leased. Pre-leasing began last winter, and staff adjusted pricing upward to move with demand.
The project opened Aug. 1. Staff said the fastest-moving units are 544- to 567-square-foot “alcove” units (with separate sleeping spaces) leased for $1,450-$1,695, and one-bedroom units of 691-988 square feet leased for $1,595-$1,795. Rents for the largest lofted two-bedroom units of 1,314 square feet are $4,500. To generate interest in the project, staff offered drinks at local breweries and provided guests with VR goggles to virtually tour the building.
Amenities include gas grills, two rooftop patios, balconies, hammocks, pool tables and arcade games. Coils underneath a third-floor patio will allow the pool to remain open year-round as a hot tub in winter and dipping pool in summer. Aside from Target, additional retail space is available on the second floor.
Neon letters spell out “Cheapo,” the site’s former occupant, outside each elevator bay.
The development team includes the local CPM Companies and The Michaels Organization of New Jersey.