Charles Blumenkehl, CEO and managing partner for Blue Asset Management LLC has recently closed on six multi-family apartment buildings in Paterson, New Jersey
According to Charles Blumenkehl, “I view Paterson as a city short in good habitable housing supply. Projects have sprung up in the past few years, and have helped to support that need, but the opportunity to acquire these multiple family properties and help stabilze both the buildings and neighborhoods they are in is a big win for everyone involved.”
Charles Blumenkehl and his companies have renovated and filled more than 90% of the units that came with the properties, and is working to complete the turnaround and stabilization of these properties shortly. Blumenkehl predicts he will be close to 100% occupancy of the more than one dozen properties throughout the city currently controled by Blue Asset Management by the first quarter of 2011.
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the opportunities resulting from the mortgage and liquidity meltdown that began a few years ago. For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com
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