501 Adams Street is a 5 story residential building located in Hoboken, NJ owned by Adams Street Holdings LLC, a partnership between Fund I and an affiliate of Avenue Capital Group. The Property consists of 59 units averaging 1,076 square feet each. The one to three bedroom units have large windows, high ceilings and hardwood floors. This 1918 constructed building was converted from its previous use as The Kealy School into rental apartments with a 2-story covered parking deck, health club and laundry facility.

Upon purchasing the asset, we began an extensive renovation plan improving both the individual apartments as well as common areas.

The property is located in the town of Hoboken, New Jersey, directly across the Hudson from midtown and downtown Manhattan. Hoboken’s appeal is due to its proximity to Manhattan, its access to public transportation, and its attractive pricing relative to the cost of apartment ownership in Manhattan. With the PATH, New Jersey Transit, and passenger ferries all providing direct links, transportation to and from Manhattan is extremely efficient. Hoboken offers a well located, affordable option for neighborhood living in a community full of restaurants, retail establishments and other amenities.