MORRISTOWN, NJ—As tenants are expected to begin moving into Mill Creek Residential Trust's Modera 44, a new luxury apartmen t community,today, a Mill Creek executive tells GlobeSt.com exclusively that the development proves that rental developments can benefit a community when executed properly. The firm held a ribbon cutting with township officials earlier this week.

In an exclusive interview with GlobeSt.com on the eve of the move-ins, Richard G. Murphy, managing director of the northeast division of Mill Creek, described the firm's six year involvement with development of the Modera 44 site, on property formerly occupied by Morristown's public works department.

Listen to our complete exclusive interview with Mill Creek's Richard Murphy in the player below.

Murphy praised the support of elected and appointed officials and neighbors for the development.

“This is roughly a $75 million investment, which is viewed fantastically by Morristown, which loves the ratables,” he says, noting that fears in some communities that rental properties could unduly burden school districts are unfounded. “In the first 50 market-rate leases we secured for this property, there is not a single school age child, and that is really reflective of the demographic that we anticipate, those Millennials, and the design of the project.” Sixty-five percent of the apartments are one-bedroom units, he says.

“We started leasing roughly five or six weeks ago. We are at 61 leases now. For us, this has been a fantastic result for us,” says Murphy of the project. “For four of those six weeks we were leasing from a trailer, and we weren't even allowed to do hard-hat tours. So most of those leases came from individuals who hadn't even been inside the building.”

In addition to Millennials, Mill Creek's marketing for Modera 44 targets empty-nest and newly single (divorced and widowed) Baby Boomers.

Mill Creek formed a successful public-private partnership with the community to develop the plans. Phase II of the development, scheduled to begin next summer, will involve construction of an additional 175 apartment units on land adjacent to Modera 44, currently being used by the local ambulance squad as a parking lot. The ambulance squad will relocate to a new facility, says Murphy.

“We came into an established neighborhood,” says Murphy. “There were six private residences that we purchased through direct contract. There was no eminent domain.”

Murphy says the public works facility was “a completely inconsistent use for the neighborhood, so they were all on board with relocating it.”

In developing Modera 44, the company is meeting the strong demand for upscale luxury rentals in Morristown, which combines an eclectic mix of restaurants and galleries, a lively nightlife scene, one of the most prominent performing arts centers in the Tri-State area, and a walkable shopping district that features a large collection of premium retailers and boutiques.

Mill Creek fashioned Modera 44 in a style that blends classic elegance and contemporary chic. The property's exterior is a tribute to vintage Northeastern-style architecture, while its well-appointed studio, one- and two- bedroom apartments feature the latest in modern conveniences and amenities.

“This project is a continuation of the vision to make Morristown a destination for people of all ages,” says Morristown Mayor Timothy Dougherty. “We will continue to bring projects to fruition that make Morristown become more pedestrian-friendly and a vibrant community, while continuing to maintain the character and historical charm of this town.”

All of Modera 44's homes feature nine-foot ceilings, upscale finishes, custom cabinetry, wood plank-style flooring and spa-like bathrooms with soaking tubs. The apartments' gourmet kitchens include movable chef islands in select apartments, quartz countertops and EnergyStar® stainless steel appliances. Several floor plans include ample walk-in closet space, and all have full-size washers and dryers. Select residences offer balconies, dens and lofts as well.

In addition to its luxury apartments and ideal location, Modera 44 is poised to attract renters with its array of resort-style amenities, including a rooftop deck with panoramic views of the Watchung Valley, an outdoor kitchen, dining area, bar and stone-finished water fountain. The community's contemporary clubroom includes an iPad kiosk, fireplace, bar seating, flat-screen televisions and two pool tables.

Modera 44 also has a business center with a conference room, on-site pet spa, bike storage and car charging stations. A club-quality, 24-hour fitness center includes a yoga studio, spin room and towel service, and the community's two landscaped courtyards feature gas grills for barbecuing, as well as a fire pit.

To address the numerous parking challenges that often face renters in transit-oriented communities, Modera 44 offers garage parking for residents, eliminating the need to “hunt” for street parking or pay for permits – especially since Modera 44's ideal location means that walking and mass transit will be the preferred ways for most residents to get around.

Instant Insights /

Tenants Moving into Mill Creek's Modera 44, Luxury MF Community in Morristown

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