FLORHAM PARK, NJ – July 25, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $17.65 million sale of Columbus Park Apartments, a six-story, 37-unit apartment property in Hoboken, New Jersey.
The HFF team marketed the property exclusively on behalf of the seller. Spirit Bascom Ventures purchased the property free and clear of existing debt.
Columbus Park Apartments encompasses a mix of studio, one- and two-bedroom units, many with loft or duplex layouts. In addition, the property includes a 37-space secured parking garage and a detached three-story townhome unit with a private garage parking space and roof deck. Columbus Park Apartments is located at 1024 Clinton Street, one block from Columbus Park, which includes picnic areas, a dog park, ball fields and playgrounds. The property is also located along the bus route to Port Authority, which provides residents with direct commuter access to Manhattan.
The HFF investment advisory team representing the seller included senior director Steve Simonelli, managing director Kevin O’Hearn, senior managing director Jose Cruz and senior director Michael Oliver. This is the team’s second closed deal in Hoboken in the last three months. The HFF team worked on this transaction in conjunction with James Giaccio and Kevin Helinski of The Chelsea Group.
“The strength of the Hoboken rental market continues to attract aggressive capital,” Simonelli stated. “The property was highly sought after due to the irreplaceable location along with clear upside in the rents.”