193-197 Watchung Ave. in Bloomfield — Courtesy: NAI James E. Hanson
By Joshua Burd
The longtime owner of a 13-unit apartment building in Bloomfield has sold the property, under a newly announced transaction by NAI James E. Hanson.
The brokerage firm said Monday that it represented both parties in the deal at 193-197 Watchung Ave., a two-story structure just off Exit 151 of the Garden State Parkway. The buyer, 193 Watchung Avenue LLC, now plans to renovate its kitchens and bathrooms as part of a value-add strategy after acquiring the property from a private investor.
Terms were not disclosed.
“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,” NAI Hanson’s Jonathan Kristofich said. “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. We wish the buyer continued success with their latest acquisition.”
In a news release, NAI Hanson said 193-197 Watchung Ave. provides quick access to Interstate 280 and routes 3 and 46, adding that residents are a short walk from NJ Transit bus and rail connections. The firm marketed the property to local investors and owners to identify several qualified buyers with existing investments in the area.