BLOOMFIELD, NJ – An apartment building in Bloomfield was recently sold to a buyer who is developing a “large multi-family portfolio” in suburban Essex County, according to a New Jersey real estate company.
193 Watchung Avenue, LLC is the new owner of a 13-apartment building at 193-197 Watchung Avenue in Bloomfield, NAI James E. Hanson reported earlier this week.
The private seller, who has owned the property for over 40 years, was not named in the company’s press release. The sale price was also not named.
According to NAI James E. Hanson, the property has surface parking and garages available for rent. It has the potential as a “rare, value-added multi-family opportunity,” the company said.
“Based on the building’s high occupancy rate, the buyer plans to renovate their kitchens and bathrooms to implement a value-added strategy for the property,” the company said.
“We continue to see strong investor demand for existing infill properties like 193-197 Watchung Avenue, and this deal illustrates how rare value-added multi-family opportunities are in the Northern New Jersey market,” said Jonathan Kristofich, who represented the seller and buyer.
“It has been a pleasure to represent the seller, owner of the property for over 40 years, and to work with the buyer who is developing a large multi-family portfolio in the suburb of Essex County,” said Kristofich. “We wish the buyer continued success with their latest acquisition.”