Bascom Seeks Newer Assets with Achievable Reno Premiums
The Bascom Group LLC continued its acquisition spree in Texas, recently acquiring a 350-unit multifamily property located in the master-planned community of Towne Lake in the city of Cypress. Cantera marks Bascom’s 36th multifamily property closed in Texas.
Cantera, constructed in 2006, is in the Towne Lake master-planned community developed by Caldwell Companies. Towne Lake is the fourth-largest recreational lakeview community in the greater Houston area, featuring a 300-acre lake with more than 14 miles of shoreline and a 6-mile continuous boat ride.
“We underwrote over 6 billion in multifamily deals last year in Texas, so we’re really happy to get this closed,” says 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. D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.