Bascom’s Texas Buying Spree – California Group Acquires Number 36

HOUSTON – (Realty News Report) – The California-based Bascom Group LLC has continued their Texas acquisition spree, acquiring a 350-unit multifamily property located in the Towne Lake master-planned community in the Cypress area.

The acquisition the Cantera at Towne Lake apartments marks Bascom’s 36th multifamily property closed in Texas.

“We underwrote over six billion in multifamily deals last year in Texas, so we’re really happy to get this closed,” said James D’Argenio, Senior Principal for Bascom. “This acquisition aligns with our investment thesis in Texas of acquiring newer-vintage assets with achievable renovation premiums located in submarkets with minimal new-supply exposure.”

Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced the Freddie Mac senior loan debt financing.  David Mitchell with Newmark was the broker. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

The property, constructed in 2006, contains a unit mix comprised of 15 percent one-bedroom, 76 percent two-bedroom units and 9 percent three-bedroom units averaging 1,015 SF.  The project sits on 13 acres and includes a total of 605 parking spaces. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center, and two swimming pools.

Cantera is in the Towne Lake master-planned community developed by Caldwell Companies, a Houston firm led by Fred Caldwell. In the early 1980s, Caldwell played defensive line on the Texas A&M Aggie football team with Gary Kubiak at QB and Jackie Sherrill as head coach.

Towne Lake features a 300-acre lake with over 14 miles of shoreline. The community is also the home of Lone Star College.

Based in Irvine, Calif., the Bascom Group is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, has completed over $21.7 billion in multifamily and commercial value-added transactions including more than 653 multifamily property transactions and more than 173,000 units.

Feb. 15, 2021 Realty News Report Copyright 2021

File: Bascom’s Texas Buying Spree

Image: Courtesy: The Bascom Group

File: Multifamily 2021. CBRE. Bascom’s Texas Buying Spree – California Group Acquires Number 36. Caldwell. Towne Lake

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