HOBOKEN, NJ -Spirit Bascom Ventures, a partnership between Stamford, CT based Spirit Investment Partners and Irvine, California based The Bascom Group has bought a 30-unit apartment building at 204 Grand Street in Hoboken, New Jersey. This transaction marks the second building bought by the partnership in Hoboken during the last six months after having bought 1024 Clinton Street in July 2018. Nat Gambuzza and Manny Sanghera of CBRE represented the seller. Jamie Leachman of HFF arranged the acquisition financing with Citizens Bank.

Built in 2000, 204 Grand Street is a 6-tale brick building with a coveted 24 space parking garage that is located just eight blocks from the Hoboken PATH station providing direct access to midtown and downtown Manhattan. The building contains a mix of spacious one- and two-bedroom apartments, with most units containing either balconies or New York City skyline views.

Scott Zwilling, a principal of Spirit Investment Partners, comments, “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, small commutes and more reasonably priced housing options than Manhattanmove into the neighborhood.”

Ian Hafner, a principal with Spirit, further comments, “We’re excited to own this well maintained, boutique building in a fantastic South Hoboken location. Given our reputation as dependable buyers who can go quickly, we were allowed to submit an offer before it hit the wider market and close quickly in a smooth transaction.”

Spirit Bascom has been focusing on acquiring urban and suburban value add multifamily properties along the eastern half of the country, acquiring over $600 million in assets in the partnership. The partnership also recently bought a property in Manhattan’s West Village.

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KNOXVILLE, TN – MZ Capital Partners (MZ) announced that it has completed the acquisition of a 130-unit apartment community in the Knoxville, Tennessee suburb of Oak Ridge. The Knoxville MSA maintains the lowest apartment vacancy rate of the Tennessee metros and achieved rent growth of 6.4% in the last twelve months. 

Located at 301 Briarcliff Avenue, British Woods Apartments and Townhomes is a 10-acre full-amenity luxury community that consists of 17 two-tale garden-style buildings with a total of 130 units. MZ bought the property from a Nashville based private ownership group.

“Over the past several years, we have been looking to further build our real estate portfolio and feel the Knoxville market is among the most vibrant multifamily real estate markets in the country,” said Michael H. Zaransky, Managing Principal of MZ.  MZ Principal, Brad Zaransky added, “A growing population and job growth in the Knoxville submarket continues to make high demand for amenity rich multifamily product in the area.”

MZ will really reposition British Woods Apartments and Townhomes and over the next two years and plans to do a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded, luxury apartments in the area.

British Woods Apartments and Townhomes was built in 1987 and is located in a gorgeous landscaped treed setting with Smokey Mountain foothill views and is located in close proximity to Oak Ridge National Lab, the largest employer in the region. The Oak Ridge Public School System was rated the # 1 School District in the State of Tennessee for 2018/2019. 

British Woods Apartments and Townhomes consist of 32 one-bedroom apartments, 40 two-bedroom apartments, 36 two-bedroom Townhomes, and 22 three-bedroom Townhomes. The property was 98% pre-leased at the time of the acquisition.

All units have private balconies or patios and feature extremely large floor plans averaging over 1,000 square feet. The community also includes ample outdoor spaces, a club house and swimming pool, and individual in-unit washer dryers.

“Unit renovations will be done in phases as leases come up for renewal,” said Michael H. Zaransky.  “Common areas like the clubhouse and pool will be upgraded and a new state of the art fitness center, a dog “bark park” and outdoor recreational space will be built.” 

“We are extremely excited with this opportunity to expand our business in a market like Knoxville,” said Brad Zaransky. The greater Knoxville area has consistently been recognized as a leading U.S. city and has achieved the following rankings: Huffington Post-10 best cities to relocate; Livability Magazine-# 2 Best Places to retire, and Forbes Magazine-# 5 Best Places for Business and Careers.

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SAN BERNARDINO, CA – Tower 16 Capital Partners, in a joint venture with Henley USA, has bought Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, for $11 million from a private seller. This is the first of many acquisitions the company plans to make in the Inland Empire over the next 12 to 24 months.

“While this acquisition is small for us, it fits with our criteria of purchasing assets with significant operational upside and require capital improvements,” said Tower 16 Principal Mike Farley. “Our plot is to replicate our growth in the Las Vegas market, where we now have 1,600 units, as we assemble a portfolio of multifamily properties with considerable upside.”

Hillside Village is located at 2196 Kendall Drive in San Bernardino, within one mile of California State University, San Bernardino, a strong submarket with median incomes of $57,000. The apartment complex is near parks, freeways, Loma Linda University and Victoria Gardens open-air shopping destination.

Hillside Village features one- and two-bedroom apartments with covered parking and private balconies or patios, a pool, spa, fitness center and laundry facilities. 

“We are excited about the Hillside Village acquisition as part of a larger acquisition strategy in the Inland Empire,” says Tower 16 Principal Tyler Pruett. “There is a huge need for affordable housing options as the Inland Empire continues to attract new people to the region from more expensive coastal markets.”

Demand for apartments in the Inland Empire soared to a level not seen in 16 years at the end of 2018, according to the Riverside Press-Enterprise, with vacancy rates of 3.4 percent. The average monthly rent in the region is $1,504 per month, a 5.5 percent increase over the year before, and rents exceeded $1,700 in several western San Bernardino County cities.

Real estate brokers Warren Berzack and Slavic Zlatkin of Lee & Associates represented both the buyer and seller in the transaction.

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