Spirit Bascom Ventures LLC announced Wednesday it has acquired a multifamily property in Hoboken for $17.65 million.
Spirit Bascom said it acquired 1024 Clinton St. from a family owner. It plans to reposition the asset as a boutique institutional property.
“We’re excited to make our first acquisition in Hoboken. We see it as a market that is positioned favorably from a pricing standpoint to receive many residents unwilling or unable to pay top Manhattan rents.”
Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the seller. Jamie Leachman and Mike Klein of HFF arranged financing through CIT Group.
The eight-story, 27-unit property is a former warehouse facility that was converted in the 1990s for multifamily use.
“The asset has been neglected for decades. Our business plan for this property is to deliver an institutional quality experience at a more approachable price point to new construction,” Scott Zwilling, principal of Spirit Investment Partners, said.
Spirit Bascom is a partnership between Irvine, California-based The Bascom Group LLC and Stamford, Connecticut-based Spirit Investment Partners LLC.