Spirit Bascom Ventures, a partnership between Spirit Investment Partners and The Bascom Group LLC, has purchased the 30-unit apartment building at 204 Grand Street in Hoboken, N.J.

The $15,500,000 acquisition closed in mid-January. Spirit Bascom acquired 1024 Clinton Street also in Hoboken in July. Nat Gambuzza and Manny Sanghera of CBRE represented the seller, and Jamie Leachman of HFF arranged the financing with Citizens Bank.

[caption id="attachment_9642" align="alignleft" width="150"] Spirit Bascom's Hoboken acquisition.[/caption]

Built in 2000, 204 Grand Street is a 6-story brick building, and featuring a 24-space parking garage. The building contains 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,” said Scott Zwilling, a principal of Spirit Investment Partners. “We feel Hoboken will continue to flourish as renters seeking a high quality of life, short commutes and more reasonably priced housing options than Manhattan move into the neighborhood."

Spirit Bascom has been focusing on acquiring multifamily properties along the eastern half of the country, acquiring over $600 million in assets in the partnership.