Longtime Owner Sells Bloomfield Apartment Building

BLOOMFIELD, NJ — An apartment building in Bloomfield recently sold to a buyer who is growing a “sizable multifamily portfolio” in suburban Essex County, a New Jersey real estate firm says.

193 Watchung Avenue, LLC is the new owner of a 13-unit apartment building at 193-197 Watchung Avenue in Bloomfield, NAI James E. Hanson announced earlier this week.

The private seller, who owned the property for more than 40 years, was not named in the firm’s news 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 potential as a “rare infill value-add multifamily opportunity,” the firm said.

“Building upon the building’s high occupancy, the buyer plans to renovate its kitchens and bathrooms to execute a value-add strategy at the property,” the firm stated.

“We continue to see strong investor demand for existing infill properties like 193-197 Watchung Avenue, and this deal exemplifies how rare value-add multifamily opportunities are to find in the northern New Jersey market,” said Jonathan Kristofich, who represented the seller and buyer.

“It was a pleasure to represent the seller, who owned the property for over 40 years, and to work with the buyer who is growing a sizable multifamily portfolio in suburban Essex County,” Kristofich said. “We wish the buyer continued success with their latest acquisition.”

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