HOUSTON – (Realty News Report) – Irvine, California-based Bascom Group LLC has continued its Texas acquisition streak by purchasing a 350-unit multifamily property in the Towne Lake master-planned community in Cypress.
This purchase of Cantera at Towne Lake represents Bascom’s 36th multifamily property acquisition 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 Texas investment strategy of acquiring newer-vintage assets with achievable renovation upside in submarkets with limited new-supply exposure.”
The Freddie Mac senior loan financing was sourced by Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets. David Mitchell of Newmark served as broker. James D’Argenio and Chang Liu sourced and managed the acquisition on behalf of Bascom.
Built in 2006, the property’s unit mix consists of approximately 15 percent one-bedroom, 76 percent two-bedroom, and 9 percent three-bedroom units, with an average unit size of 1,015 square feet. The community occupies 13 acres and provides 605 parking spaces. On-site amenities include a leasing office, a two-story clubhouse with a networking center, a fitness center, and two swimming pools.
Cantera is situated within Towne Lake, a master-planned development by Houston-based Caldwell Companies, led by Fred Caldwell. Caldwell played defensive line for the Texas A&M Aggies in the early 1980s alongside quarterback Gary Kubiak and under head coach Jackie Sherrill.
Towne Lake features a 300-acre lake with more than 14 miles of shoreline and is home to a Lone Star College campus.
Headquartered in Irvine, Calif., the Bascom Group is a private equity firm focused on value-added multifamily, commercial real estate, non-performing loans, and related operating companies. Founded by principals Jerry Fink, David Kim, and Derek Chen, Bascom has completed over $21.7 billion in multifamily and commercial value-added transactions, including more than 653 multifamily property deals and over 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