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.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.