Spirit Bascom Ventures LLC announced Monday it has acquired an apartment building in Hoboken for $15.5 million.
SBV is partnership between Stamford, Connecticut-based Spirit Investment Partners LLC and Irvine, California-based The Bascom Group LLC. This is the partnership’s second Hoboken acquisition in the last six months.
The six-story building is comprised of 30 units and is located at 204 Grand St. It features a mix of one- and two-bedroom units and has 24 parking spaces. It is within close access to the Hoboken PATH station.
“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,” Scott Zwilling, a principal of Spirit Investment Partners, said.
Nat Gambuzza and Manny Sanghera of CBRE represented the seller. Jamie Leachman of HFF arranged acquisition financing through Citizens Bank.
“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,” Ian Hafner, a principal with Spirit, said.