Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced the company bought a multi-family conversion near Route 280 in a quiet suburban street in East Orange.
According to Charles Blumenkehl, "We are pleased to have been able to help the former owner liquidate the property quickly and without any mortgage contingency or inspection clause that could have stalled a closing. We were able to work with the City of East Orange to continue the many outstanding permits of the property, and hope to have the property marketable somewhere in April of this year." Blumenkehl continued, "The seller was confident we would be able to close quickly on this property and complete its conversion, and as a result we were able to acquire this opportunity."
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the East Orange purchase represents the third purchase of the year in Essex county New Jersey for Blue Asset Management LLC.
Charles Blumenkehl founded Blue Asset Management LLC in 2008 to leverage the opportunities made available to real estate investors after the mortgage meltdown took its affect on the Real Estate marketplace. For more information about Blumenkehl or Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com or call the company directly at 973 835-1400.