New York-based private equity fund Bridgeton Holdings has acquired a hotel and retail building across from the TD Garden for $24.5 million, buying a stake in the middle of one of Boston’s busiest development sectors.

Bridgeton plans to renovate the 70-room Holiday Inn Express & Suites, which it managed for the previous ownership, said Atit Jariwala, Bridgeton’s CEO.

The five-story, 54,000-square-foot building is located at the corner of Causeway and Friend streets. Huntersville, North Carolina-based Gemini Real Estate Advisors acquired the property in 2007 for $11.5 million, according to data from The Warren Group, publisher of Banker & Tradesman. Ground-floor tenants include Qdoba, North Station Liquors and the Ace Tickets studio used for Celtics pre- and post-game shows on Comcast SportsNet.

This is Bridgeton’s first acquisition in Greater Boston, but Jariwala said the company is looking for more. It plans to hold the Causeway Street property as a longtime asset, he said.

“The neighborhood has become a fantastic place to live and visit, being near North Station and the Garden with all of the new developments going on,” he said.

Approximately 1,500 luxury residential units are proposed, approved or under construction in the immediate neighborhood on properties owned by Equity Residential, AvalonBay Communities and Boston Properties. Boston Properties is expected to break ground within weeks on a 360,000-square-foot office building as the first phase of its 2-million-square-foot North Station mixed-use development.

Bridgeton Holdings owns or manages approximately 60 properties in 12 states.