Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced the company bought a multi-family property in the city of Belleville.
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 close quickly on this property and will hope to complete the renovation of the property by the end of the first quarter of 2011.” Blumenkehl continued, “by adding the Belleville property to our portfolio, we were able to increase our Essex County holdings and provide our fund with more opportunity in applying our pricing and value enhancement models.”
Blumenkehls’ fund has been active in purchasing multi-unit investment properties in primarily northern New Jersey. According to Blumenkehl, the Belleville purchase represents the second 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.