Source: Spirit Bascom Ventures / #Apartments #Multifamily
HOBOKEN, NJ -Spirit Bascom Ventures, a partnership between Stamford, CT based Spirit Investment Partners and Irvine, California based The Bascom Group has acquired a 30-unit apartment building at 204 Grand Street in Hoboken, New Jersey. This transaction marks the second building acquired by the partnership in Hoboken during the last six months after having acquired 1024 Clinton Street in July 2018. Nat Gambuzza and Manny Sanghera of CBRE represented the seller. Jamie Leachman of HFF arranged the acquisition financing with Citizens Bank.
Built in 2000, 204 Grand Street is a 6-story brick building with a coveted 24 space parking garage that is located just eight blocks from the Hoboken PATH station providing direct access to midtown and downtown Manhattan. The building contains a mix of spacious one- and two-bedroom apartments, with most units containing either balconies or New York City skyline views.
Scott Zwilling, a principal of Spirit Investment Partners, comments, "This deal fits perfectly with our strategy of acquiring properties in transit connected urban and suburban neighborhoods that offer greater relative affordability. We feel Hoboken will continue to flourish as renters seeking a high quality of life, short commutes and more reasonably priced housing options than Manhattanmove into the neighborhood."
Ian Hafner, a principal with Spirit, further comments, "We're excited to own this well maintained, boutique building in a great South Hoboken location. Given our reputation as dependable buyers who can move quickly, we were allowed to submit an offer before it hit the wider market and close quickly in a smooth transaction."
Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $600 million in assets in the partnership. The partnership also recently acquired a property in Manhattan's West Village.