Source: Spirit Bascom Ventures / #Apartments #Multifamily
HOBOKEN, NJ - Spirit Bascom Ventures, a partnership between Irvine, California based The Bascom Group and Stamford, Connecticut based Spirit Investment Partners acquired 1024 Clinton Street in Hoboken, New Jersey for $17.65 million. Spirit Bascom acquired the property from a long-time family owner.
The acquisition was the second transaction in partnership with a prominent Middle Eastern family office. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the seller. Jamie Leachman and Mike Klein of HFF arranged the acquisition financing through CIT Group.
The eight-story former warehouse facility was converted to multifamily use in the early 1990's and contains 37 residential units including a standalone townhome, and a rare 37 space parking structure. Many of the units feature loft style ceiling heights, Manhattan skyline views, and brick and timber accents.
The uptown Hoboken property is adjacent to Columbus Square Park and benefits from easy walkability to the famous Washington Street commercial corridor, the Hudson River Walkway, and multiple public transit options. The plan is to reposition the asset as a boutique institutional quality property.
Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $500 million in assets in the partnership. Spirit Bascom is starting to turn its attention to neglected mixed use assets in the greater New York Cityarea that can benefit from similar high-end renovations.
David Nachman, a principal of Spirit Investment Partners, explains, "We're excited to make our first acquisition in Hoboken. We see it as a market that is positioned favorably from a pricing standpoint to receive many residents unwilling or unable to pay top Manhattan rents." Scott Zwilling, principal of Spirit Investment Partners, adds, "The asset has been neglected for decades. Our business plan for this property is to deliver an institutional quality experience at a more approachable price point to new construction."