HOBOKEN, NJ – Spirit Bascom Ventures, a partnership between Irvine, California based The Bascom Group and Stamford, Connecticut based Spirit Investment Partners bought 1024 Clinton Street in Hoboken, New Jersey for $17.65 million. Spirit Bascom bought the property from a long-time family owner.   

The acquisition was the second transaction in partnership with a prominent Middle Eastern family office.  Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the seller.  Jamie Leachman and Mike Klein of HFF arranged the acquisition financing through CIT Group. 

The eight-tale former warehouse facility was converted to multifamily use in the early 1990’s and contains 37 residential units including a standalone townhome, and a rare 37 space parking structure. Many of the units feature loft style ceiling heights, Manhattan skyline views, and brick and timber accents. 

The uptown Hoboken property is adjacent to Columbus Square Park and benefits from simple walkability to the well-known Washington Street commercial corridor, the Hudson River Walkway, and multiple public transit options.  The plot is to reposition the asset as a boutique institutional quality property.   

Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $500 million in assets in the partnership.  Spirit Bascom is starting to turn its attention to neglected mixed use assets in the greater New York Cityarea that can benefit from similar high-end renovations.   

David Nachman, a principal of Spirit Investment Partners, clarifies, “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.” Scott Zwilling, principal of Spirit Investment Partners, adds, “The asset has been neglected for decades.  Our business plot for this property is to deliver an institutional quality experience at a more approachable price point to new construction.”

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FORT WORTH, TX – Olympus Property announced the closing of The Village at Crown Park in Willow Park, Texas, a Class-A garden style community built in 2015.

The Village at Crown Park is the sixth asset to be added to Olympus Property’s eighth fund, WW Olympus Property VIII. This fund diversifies investors across four states providing direct ownership alongside Olympus at the same cost basis, without any mark up or catch up fees.

“Very few firms offer direct access to real estate projects with as competitive a fee structure as Olympus. Our interests are truly aligned with our Partners’ to produce exceptional returns,” said Chandler Wonderly, Principal at Olympus Property. 

The Village at Crown Park is located a small distance from I-20 and twenty miles west of Fort Worth’s central business district housing 38,000+ jobs. The property is the only multifamily property in the Aledo School District.  Aledo High School is a seven-time state football champion and one of the most desirable high schools in the state.

“The Village at Crown Park is a gorgeous property only 20 minutes from our corporate headquarters in a highly sought after school district and community. We are very pleased to be expanding our portfolio in our home state of Texas,” said Anthony Wonderly, Principal of Olympus Property. 

The Village at Crown Park consists of 258 Class “A” units including 50 townhome units. The two-tale design throughout the property offers stainless steel appliances, granite counters with backsplashes, designer lighting and cabinets, framed mirrors, and a balcony or patio. The luxury community amenities include two resort style swimming pools, outdoor lounge areas with grills and picnic tables, gated entry, children’s play area, clubhouse with wifi, a half-court basketball court, full size sand volleyball court, state-of-the art fitness center, movie theater, and a resident game room with billiards.

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GULF SHORES, AL – Transcontinental Realty Investors and Abode Properties announced the acquisition of the Villas at Bon Secour multifamily property in the coastal city of Gulf Shores, Alabama. The federally insured property was secured through Freddie Mac Multifamily, one of the nation’s leading multifamily housing lenders. The class A asset will become part of the Southern Properties Capital portfolio.

The Villas at Bon Secour is a 200-unit Class A garden-style community comprised of 11 2-tale buildings, with 4 different floor plot options. One and two bedroom units, range from 648 to 990 square feet.

“We are thrilled to buy this income producing asset in our first ever transaction with Freddie Mac. We look forward to a long lasting relationship with such a respected lender,” commented President and CEO Daniel J. Moos. “Villas at Bon Secour is in Baldwin County, one of the fastest growing counties in Alabama; reportedly with the 2nd lowest unemployment rate. The asset is yet another example of TCI’s continuous expansion into exceptionally strong markets.”

Interior amenities include pool and courtyard views, 9 foot ceilings, gourmet style kitchens with double stainless steel sinks, wood-look vinyl flooring, and breakfast nooks in select units. The community offers gated/controlled access, business center, dog-park, clothes care center, fitness center and a resort style pool and pergola.

The property is 4.5 miles from the beach and minutes from Pelican Place retail center offering retail shopping, dining and movies. The University of South Alabama’s Gulf Coast Campus is located within one mile of Villas at Bon Secour, making it a fantastic location for students and university employees.

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