Spirit Bascom Pays $18M for Hoboken's Columbus Park Apartments
“The strength of the Hoboken rental market continues to attract aggressive capital,” HFF's Steve Simonelli says, because of the potential for upside in rent rates.
HOBOKEN, NJ—Spirit Bascom, a joint venture between Spirit Investment Partners and The Bascom Group, has acquired Columbus Park Apartments, a six-story, 37-unit apartment property at 1024 Clinton Street, Hoboken, NJ, for $17.65 million.
A Holliday Fenoglio Fowler team representing the seller included senior director Steve Simonelli, managing director Kevin O’Hearn, senior managing director José Cruz and senior director Michael Oliver.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli says. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”
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.
Spirit Bascom Ventures purchased the property free and clear of existing debt. 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 more than $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 US. Since 1996, Bascom has completed more than $15.5 billion in multifamily and commercial value-added transactions, including more than 321 multifamily properties containing over 83,986 units.
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 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.