Blue Asset Management Closes on Barrington Property

Charles Blumenkehl, managing partner of Blue Asset Management LLC, announced his fund has sold its holdings in Barrington, New Jersey.

According to Blumenkehl, “After closes on millions of dollars of non-performing mortgages and distressed property throughout New Jersey, we began to recognize the strength in our local footprint to achieve high yields on our investments, As a result, we made the decision to divest ourselves of our holdings outside the northern New Jersey market, which led to the sale of our Barrington property.” According to Blumenkehl, the fund was able to provide its investors with a profitable return on the Barrington piece, and plans to further re-allocate its resources into opportunities it finds in northern New Jersey.

Blumenkehl continued, “We see the Camden county corridor as offering great opportunity for investors. However, with the opportunities we are finding existing in our local market, we were pleased to divest ourselves of our Camden County holdings and focus on asserting our local northern New Jersey footprint to achieve greater control resulting in high returns for our investments.” Blumenkehl said his company has recently purchased several properties in northern New Jersey and is aggressively seeking more acquisitions in the current market environment.

Wayne, New Jersey based Blue Asset Management LLC was founded by Charles Blumenkehl to leverage opportunities created by the mortgage meltdown. For more information about Blue Asset Management LLC call the company directly at 973 835-1400 or log onto the company website at www.blueassetmanagementllc.com.

Blue Asset Management LLC Weathers Floods in Northern New Jersey

According to Charles Blumenkehl, managing partner of Blue Asset Management, “This has been a most unusual winter, bringing a dozen snowfalls and seemingly monsoonlike rain to the area. The result was that, for the first time since we owned the property, we experienced flooding in our Little Falls rental property twice in one 12 month period, causing evacuation of the property. In addition, several of our properties in close proximity to the river experienced minor flooding and damage from the abundance of water.” According to Blumenkehl, the floods which took place in 2010 were worse than the recent flooding, and resulted in the installation of new walls, flooring, kitchen and bathroom cabinets and vanities, and a myriad of other repairs and remedial activity to mitigate the damage caused by the flooding. The 2011 flooding, while not as high or as prolonged as the floods last year, will result in the replacement of much of the new materials installed in 2010.

Blumenkehl continued, “It is such a shame to see the investment we made in our property needing replacement so quickly. We have owned real estate in the area for more than twenty years, and I have never seen flooding come so close to each other in such a short period of time. Hopefully,” said Blumenkehl, “we won’t have to experience anything like this for a long time, if ever again.”

Blumenkehl added that while flood insurance will help to offset much of the damages incurred, it still adds to the companies already robust work list resultant from the many acquisitions his fund has made in the past months. Blumenkehl continued “Our crews and contractors are working six and seven days a week to catch up to the workload on our new acquisitions and complete the work we were unable to do because of the tough winter we experienced. This will add to the burden, and since it is a priority to repair the flood-damaged properties so our tenants can move back in quickly, we will see some of our other projects further delayed.”

Blumenkehl was pleased that none of his tenants in the area suffered damages to their property since there was sufficient notice before the flooding took place. He has only received notice from one tenant that they do not intend to re-occupy their premises even if it is restored within the period provided for in the lease agreement.

Located in Wayne, New Jersey, Blue Asset Management LLC owns, manages and operates numerous rental properties throughout northern New Jersey. For more information about Blue Asset Management LLC, call the company directly at 973-835-1400 or log onto the company website at www.blueassetmanagementllc.com.

http://newjerseyprnews.com/new_jersey_articles/2011/05/blue-asset-management-llc-weathers-floods-in-northern-new-jersey-211011.htm