BLOOMFIELD, NJ — SELA Realty Investments, the real estate investment and management company located in Fort Lee, NJ, announced its recent acquisition of 42 Park Ave., a 22 Unit building in Bloomfield, NJ. The purchase price of $3,050,000 represents roughly 6% going in cap rate. The building which enjoys a very strong occupancy rates had recently been renovated and updated.
Tal Steinberg, managing partner for SELA said, “We are happy to set foot in Essex County. It’s our first acquisition there; the building is well located in a very nice and residential street, has been properly maintained and there are lots of rooms to improve the income. We are planning to upgrade units on turnovers, build storage units in the basement for the residents, add bicycle room and more”.
Nicholas Nicolaou and Adam Zweibel of Gebroe Hammer represented both the seller and buyer in the transaction.