The Bascom Group continued their acquisition run in Texas, acquiring a 346-unit apartment community in Houston and marking their fifth acquisition in Houston in the past two years. Montierra is a 346-unit community, built in 2003 and located in the Uptown/Galleria submarket. The acquisition also marks Bascom’s 40th multifamily property closed in Texas.

Dustin Selzer with JLL represented the seller in the transaction. Cadre, a New York based real estate investment manager, provided the equity capital. California Bank & Trust provided the debt financing for the acquisition and was arranged by a JLL team led by Brandon Smith. The project was developed by Sueba USA.

Demand for multifamily in Houston continues to remain strong along. Increasing rents and acute unit shortages have fueled the Houston multifamily business. 

Bascom’s Chang Liu states, “This acquisition continues our Texas strategy of acquiring well located, newer vintage assets with minimal deferred maintenance and value-add potential.”