A joint venture between The KABR Group and The Pinnacle Cos. has opened Preserve, a 55 and older rental apartment community. Located at 475 Passaic Ave. in West Caldwell, N.J., the 30-unit complex offers two bedroom apartments ranging in size from 1,350 to 1,640 sqf with starting rents at $2,875. Set on a 30-acre property, the community offers a full-time concierge, garage parking, a business lounge and electric car charging capacity. The community is targeted for renters aged 55 and older, although 20 percent of the units are not age restricted. “There is a strong demand for this type of housing in the market, as most options for new 55+ developments do not have an option to lease,” Brian Stolar, president & CEO of The Pinnacle Cos., stated. “We saw a need for an alternative that did not require consumers to tie up their capital in illiquid condo purchases.”
