![]() Kaplan said he expects the project to be completed by July 4th. ![]() The development features various modern, upscale amenities within the residences, as well community access to such things as a clubhouse, fitness center, an outdoor heated saltwater pool, a barbecue area and fire pit. The Mills, which features 74 units, is expected to welcome residents in April. The Lofts in Helmetta is a high-end rental community that features 20 two-bedroom town homes, all of which are occupied, and the Helmetta Building, which features 106 one-and two-bedroom loft apartments of which 79 are rented. "Now people are choosing to live in these communities because of the lifestyle, because of the amenities and because of the community." "In previous years, apartments were more transient living," said Jason Kaplan, president of Kaplan Companies, the developer for such projects as the Lofts at Helmetta and Merriewold at Highland Park. Such developments are popping up in many Central Jersey municipalities large and small. "They are looking for some luxuries or upscale lifestyle, but in a smaller size." "At the other end of the spectrum, we have affluent baby boomers, who have no need for the four-bedroom house," he said. The millennials, he said, often have high incomes and are looking for luxury, but are not yet ready to make the plunge into home ownership. ![]() The upscale housing, which could be a luxury rental apartment with lots of amenities or a luxurious townhouse community, typically appeals to or are typically occupied by the "Book End" Generations those in their 30s and 60s, he said. "If you're one person living alone or if you're two people living together and neither household has children, buying a single family house with a yard in a place that has a good school system really isn't very appealing to you because you don't need the size, you don't need the maintenance responsibilities and you don't want to pay the taxes," Otteau said.Īs a result, the market has shifted to provide a more luxurious form of multi-family housing. At the same time, New Jersey has the sixth highest income in the country, he said. Today the majority of New Jersey households 60 percent are made up of either one person living alone or two people living together and 65 percent of all households in New Jersey have no children under 18, he said. In previous decades, apartment rentals and multi-family housing primarily attracted people who couldn't afford anything else, Otteau said. The trend has been developing for about a decade, Otteau said, adding that while it's a national trend, it's more prevalent in New Jersey. "There has been a fundamental shift in housing preferences here in New Jersey away from single family homes and towards multi-family housing," said Jeffrey Otteau, president of Otteau Group, an information provider on real estate trends.
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