NAI James E. Hanson said Sept. 27 it negotiated the sale of a 13-unit apartment building at 193-197 Watchung Ave. in Bloomfield.
Director Jonathan Kristofich represented both the private seller and buyer, 193 Watchung Avenue LLC, in the transaction.
Located just off Exit 151 of the Garden State Parkway, the property is a two-story building that features surface parking and garages available for rent. It provides easy access to the Garden State Parkway as well as Interstate 280 and Routes 3 and 46.
Residents at 193-197 Watchung Ave. can also take advantage of New Jersey Transit bus and rail connections within walking distance from the property.
Kristofich
Recognizing the asset’s potential as a rare infill value-add multifamily opportunity, Kristofich quickly marketed it to local investors and owners to identify several qualified buyers with existing investments in the area. Building upon the building’s high occupancy, the buyer plans to renovate its kitchens and bathrooms to execute a value-add strategy at the property.
“We continue to see strong investor demand for existing infill properties like 193-197 Watchung Ave., and this deal exemplifies how rare value-add multifamily opportunities are to find in the northern New Jersey market,” said Kristofich. “It was a pleasure to represent the seller, who owned the property for over 40 years, and to work with the buyer who is growing a sizable multifamily portfolio in suburban Essex County. We wish the buyer continued success with their latest acquisition.”
