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.