IRVINE, Calif., April 27, 2022 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) continued its acquisition campaign by Texas the acquisition of a residence of 150 apartments in Houstonmarking their fourth Houston Acquisition in nearly 12 months. Windwater at Windmill Lakes is a 150 unit community, built in 1999 and located in the Southeast Houston submarket. The acquisition marks the closing of Bascom’s 39th multi-family property in Texas.
John Carr with Cushman & Wakefield representing the seller in the transaction. Huntington National Bank provided debt financing for the acquisition and was arranged by Jason Pumpelli with Cushman & Wakefield. SD Cap Construction Management will provide construction management services and Cushman & Wakefield will provide property management. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The apartment community is very well maintained, offering functional and spacious interior floor plans with original building features ideal for upgrades. The existing amenity space provides ample room for improvement to better meet the needs of current and future residents. With 100% of the units in their original condition, this acquisition presents an attractive opportunity to physically reposition the asset.
Request Houston multifamily accelerated significantly in the second half of 2021. Houston is expected to experience the third strongest job growth in the United States from 2021 to 2026 and is expected to experience the largest population gain in the United States from 2021 to 2026.
Chang LiuChief Acquisition Officer of Bascom, adds “We are very pleased with this acquisition as it aligns well with our Texas acquisition strategy for newer assets with minimal deferred maintenance and major value added potential. » Jason HannaSenior Vice President of Operations, comments “We are thrilled to acquire a property that offers features, such as large floor plans and great community space, that are desired by today’s tenants. We can elevate interior design to match current modern standards and offer a boutique rental product for the sub-market.”
The Bascom Group, LLC (bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial and non-performing loans, and real estate-related investments and operating companies. Bascom sources value-added and distressed properties, many through foreclosures, bankruptcies or short sales, and repositions them by adding significant capital improvements, improving revenues and reducing expenses realizing operational efficiencies through the implementation of institutional-grade property management. Bascom, founded by directors jerry fink, David Kim and Derek Chenis one of the most active and experienced apartment buyers and operators in the United States. Since 1996, Bascom has realized more than $20.73 billion in value-added multifamily and commercial transactions comprising over 350 multifamily properties containing over 90,000 units. Bascom ranked among the top 50 multifamily owners in the United States. Bascom’s subsidiaries and joint ventures include Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures and The Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately owned executive suites, coworking and shared workspace companies in the United States. For more information, please visit www.bascomgroup.com.
If you would like more information, please call James D’Argenio at 949-955-0888 ext. 119 or by email at [email protected]
SOURCE The Bascom Group