Spirit Bascom buys Hoboken apartment property for $15.5 mln

Spirit Bascom Ventures has acquired Hoboken, New Jersey-based 30-unit apartment building for $15.5 million. Jamie Leachman of HFF arranged the acquisition financing with Citizens Bank. Spirit Bascom is a joint venture between Spirit Investment Partners LLC and The Bascom Group LLC.

PRESS RELEASE

HOBOKEN, N.J., Jan. 21, 2019 /PRNewswire/ — Spirit Bascom Ventures, LLC (“Spirit Bascom”) a partnership between Stamford, CT based Spirit Investment Partners, LLC (“Spirit”) and Irvine, California based The Bascom Group, LLC (“Bascom”) has acquired a 30-unit apartment building at 204 Grand Street in Hoboken, New Jersey. The $15,500,000 acquisition closed on January 15, 2019. 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 Manhattan move 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.

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, CT 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 9 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 www.spiritinvestors.com and www.bascomgroup.com.