Bloomfield apartment building sold by 40-year owner

An apartment building in Bloomfield has been sold, according to real estate firm NAI James E. Hanson.

The purchase price was not disclosed, and the seller is a private party. The buyer is 193 Watchung Avenue LLC.

The property at 193-197 Watchung Ave. is a two story-building with 13 units, as well as parking.

NAI Hanson’s Jonathan Kristofich represented both the buyer and the seller in the transaction.

“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,” Kristofich said in a prepared statement. “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.”