Charles Blumenkehl, managing partner for Blue Asset Management LLC, announced his company has sold its last remaining Cumberland County property in Milleville, New Jersey.
According to Blumenkehl, the property, a vacant multi family structure in need of rehabilitation, was acquired through foreclosure last year. He said his fund sold the property as a part of its strategic decision to stay focused on its northern New Jersey properties. Blumenkehl said, “While we believe Milleville can offer robust returns to investors in the area, we increasingly found properties like the one we sold were more difficult to control from our statewide network.” Blumenkehl continued, “We made the strategic decision to contract our New Jersey footprint as we acquired more property near our home base in Wayne, and the sale of our Milleville piece was a furtherance of that strategy.”
Blumenkehl said his fund has increased its rental property footprint almost 100% in the past year, with most of the additional properties coming in Bergen, Passaic, Essex, Morris and Hudson counties. Blumenkehl continued, “With our decision to focus in northern New Jersey, we are able to achieve more robust returns and act on more opportunity in our market by exerting greater control over our management, acquisition and renovation networks.”
Blue Asset Management LLC was founded by Charles Blumenkehl to leverage the opportunities created as a result of the mortgage meltdown. For more information about the Wayne based company, contact Mr. Blumenkehl or Blue Asset Management LLC directly at 973 835-1400 or log onto the company website at www.blueassetmanagement.com.