Spirit Bascom Ventures acquires second multifamily property in Hoboken for $15.5M.

Byline: Jessica Perry

Spirit Bascom Ventures, a partnership between Stamford, Conn. based Spirit Investment Partners and Irvine, Calif. based The Bascom Group, announced it acquired a 30-unit apartment building at 204 Grand St. in Hoboken.

The $15,500,000 acquisition closed on Jan. 15.

This transaction marks the second building acquired by the partnership in Hoboken during the last six months. Nat Gambuzza and Manny Sanghera of CBRE represented the seller. Jamie Leachman of HFF arranged the acquisition financing with Citizens Bank.

The six-story brick building with covered 24-space parking garage is located just eight blocks from the Hoboken PATH station, providing direct access to midtown and downtown Manhattan. The building contains a mix of one- and two-bedroom apartments, with most units containing either balconies or New York City skyline views.

"This deal fits perfectly with our strategy of acquiring properties in transit connected urban and suburban neighborhoods that offer greater relative affordability," Scott Zwilling, a principal of Spirit Investment Partners, commented. "We feel Hoboken will continue...