FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.65 million sale of Columbus Park Apartments, a six-story, 37-unit apartment property in Hoboken, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller. Spirit Bascom Ventures purchased the property free and clear of existing debt.
Columbus Park Apartments encompasses a mix of studio, one- and two-bedroom units, many with loft or duplex layouts. In addition, the property includes a 37-space secured parking garage and a detached three-story townhome unit with a private garage parking space and roof deck. Columbus Park Apartments is located at 1024 Clinton Street, one block from Columbus Park, which includes picnic areas, a dog park, ball fields and playgrounds. The property is also located along the bus route to Port Authority, which provides residents with direct commuter access to Manhattan.
The HFF investment advisory team representing the seller included senior director Steve Simonelli, managing director Kevin O’Hearn, senior managing director Jose Cruz and senior director Michael Oliver. This is the team’s second closed deal in Hoboken in the last three months. The HFF team worked on this transaction in conjunction with James Giaccio and Kevin Helinski of The Chelsea Group.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli stated. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Spirit Bascom Ventures: Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC (“Spirit”) and The Bascom Group, LLC (“Bascom”), was formed to acquire transitional multifamily assets in the eastern half of the United States. Spirit is a Stamford, Connecticut-based real estate investment company, owned and operated by principals David Nachman, Scott Zwilling and Ian Hafner. Spirit has completed over $600 million in multifamily transactions since 2012 totaling nearly 4,000 units located in nine states.
Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate-related investments and operating companies. Bascom sources value-added and distressed properties, including many through foreclosure, bankruptcy or short sales, and repositions them by adding extensive capital improvements, improving revenue and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions, including more than 321 multifamily properties containing over 83,986 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S.
For additional information, please visit spiritinvestors.com and bascomgroup.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.