Troy Towers at 40 Conger St. in Bloomfield — Courtesy: JLL
By Joshua Burd
For investors seeking a property that’s “primed for a full renovation” with value-add potential, a two-building, 356-unit apartment complex is now on the market for sale in Bloomfield.
That’s according to a brokerage team with JLL, which has listed the so-called Troy Towers at 40 Conger St. and just west of the Garden State Parkway. The 1960s-vintage complex has had only light unit renovations to date, the firm said, making it a candidate for major updates to help reposition a property that consistently achieves 95 percent occupancy on average.
JLL’s Jose Cruz, Mike Oliver, Elizabeth DeVesty, Steve Simonelli and Austin Pierce lead the marketing team, with analytics support from Luke Chanokis and financing advisory available from Thomas E. Didio Jr. and Gerard Quinn.
According to the firm’s offering materials, Bloomfield is a proven submarket that’s seen as an affordable alternative to other parts of Essex and Hudson counties. Troy Towers, for its part, offers a roughly $1,000 discount to Class A properties in the township.
The pair of 15-story towers has an average unit size of 718 square feet with 356 surface parking spaces and 41 covered spaces. Also nearby are NJ Transit’s Bloomfield station and Interstate 280, in addition to the Parkway.
JLL added that the area is supply-constrained, with limited developable land restricting new construction.
