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.”

RealtyMogul.com, one of the leading online marketplaces for real estate investing, announced today that it has closed an investment into a $21.6 million acquisition. The platform helped finance the acquisition of The Edison Apartments, a mid-rise multifamily property in Chicago, by Spirit Bascom Ventures, a sponsorship joint venture between Stamford, Connecticut-based Spirit Investment Partners and Irvine, California-based The Bascom Group.

The sponsorship group, which specializes in distressed and value-add multifamily investments, plans to rehabilitate and renovate the building with the goal of increasing its revenue to levels comparable with those of similar renovated properties in the market. The 223-unit building, currently 97-percent occupied, is situated in the rapidly transitioning Edgewater neighborhood and also boasts 8,850 square feet of ground-floor retail space.

“With this acquisition, we saw potential for our investors to benefit both from the market expertise of Spirit Bascom Ventures and from the submarket’s growing Millennial population,” said Jilliene Helman, CEO of RealtyMogul.com. “As the neighborhood undergoes a demographic transition, we believe the rehabilitation project will allow the property to tap into rising rental rates in the market.”

In this transaction, RealtyMogul.com contributed limited partner common equity. Since its inception, RealtyMogul.com has invested more than $25 million in Chicago-area property transactions.

“We specialize in investing $1 million to $5 million into joint venture equity, preferred equity, mezzanine loans and bridge loans, so this investment was a perfect fit for our joint venture equity program,” Helman added. “Through the democratizing force of real estate crowdfunding, we look forward to connecting more investors to opportunities like this one.”

Spirit Bascom Ventures is one of RealtyMogul.com’s largest sponsors to date, representing over $10 billion in combined transactions.