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Spirit Bascomb Nabs Hoboken Apts. in “Irreplaceable Location”
Spirit Bascomb Ventures, a partnership between the Bascomb Group and Spirit Investment Partners, has turned to Hoboken, NJ, acquiring Columbus Park Apartments. The partnership paid $17.65 million for the 37-unit property.
For Spirit Investment Partners, the acquisition from a longtime family owner was its first in Hoboken, a riverfront community representing an appealing alternative to Manhattan rents. “The asset has been neglected for decades,” said Spirit principal Scott Zwilling. “Our business plan for this property is to deliver an institutional quality experience at a more approachable price point to new construction.”
Stephen Simonelli of HFF and Chelsea Realty’s James Giaccio and Kevin Helsinki represented the seller. HFF’s Jamie Leachman and Mike Klein arranged acquisition financing through CIT Group.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli said. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
