Dealmaker: Bascom Group JV Buys Multifamily, Land for $42M

The Bascom Group, Irvine, Calif, acquired a Hoboken, N.J. apartment property and a Los Angeles parcel with two joint venture partners for a combined $41.85 million.

In New Jersey, a partnership between The Bascom Group and Spirit Investment Partners LLC, Stamford, Conn., acquired 1024 Clinton Street in Hoboken from a long-time family owner for $17.65 million.

Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the seller. Jamie Leachman and Mike Klein of HFF arranged acquisition financing through CIT Group, New York.

The eight-story former warehouse was converted to multifamily use in the early 1990s and contains 37 residential units including a standalone townhome and a rare 37-space parking structure. The uptown Hoboken property sits next to Columbus Square Park near the Washington Street commercial corridor. 

The joint venture plans to reposition the asset as a boutique institutional-quality property.

“We see [Hoboken] as a market that is positioned favorably from a pricing standpoint to receive many residents unwilling or unable to pay top Manhattan rents,” said Spirit Investment Partners Principal David Nachman.

In downtown Los Angeles’ Fashion District a joint venture between Realm Estate LLC, Newport Beach, Calif. and The Bascom Group acquired a 1.7-acre parcel for $24.2 million on July 6. The site is entitled and planned for development of a 33-story, 452-unit high rise multifamily community, the first tower to be built in the submarket. HFF’s Charles Halladay, Andrew Hornblower and Jamie Kline secured a land loan from Ladder Capital, New York.

The venture rezoned and entitled the existing parking lot at the corner of 7th Street and Maple Avenue to approve the high-rise development, including 13,600 square feet of ground floor commercial space. The concrete, steel and glass tower with a loft-style design will include a one-acre amenity deck at the sixth floor.