Irvine, California, United States, 15th Jan 2024, King NewsWire – The Bascom Group, LLC (“Bascom”) has acquired a 204-bed student housing community next to the University of Texas at Austin. Bascom acquired the multifamily property in an off-market transaction. Texan 26 is a 204 bed, 53-unit community, built in 2014, and located in West Campus. The acquisition continues Bascom’s prolific acquisition run in Texas and marks the 41st multifamily property acquired in that state.
Despite the challenges of increasing interest rates and greatly reduced bank lending, Bascom also recently acquired Avenida Lakewood, a 230-unit Active Adult (55+) apartment community located at 11001 West 15th Place in Lakewood, Colorado.
Tyler Marshall and Richard Waterhouse with Matthews Real Estate Investment Services represented the seller in the transaction. Bridge Investment Group provided the debt financing for the acquisition and was arranged by Trent Houchin, Ben Roelke and Ian Walker with Newmark. Asset Living will be the property manager and SD-Cap will be the construction manager. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Developed in 2014 within a ½ mile of campus, Texan 26 is a boutique student-housing community that offers residents practical amenities, ample secured parking, and convenient access to campus. The property is well-maintained, offering oversized interior floorplans with existing construction and design elements that are ideal for enhancements.
Founded in 1883, UT at Austin is one of the largest universities in the country with over 52,000 students enrolled as of Fall 2022. It is one of the top 10 public universities in the nation, according to U.S. News and World Report. In 2022, UT Austin witnessed its largest-ever freshman enrollment class. University housing is nearly 100% occupied and privately-owned housing is over 96% occupied.
James D’Argenio, Senior Principal of Acquisitions for Bascom, states “We are excited to acquire a property in such a vibrant student-housing market. With sizable institutional development activity in West Campus, Texan 26 offers students affordable housing options with all the neighborhood benefits.” Tony Ferrell, Senior Principal of Operations, comments “We believe physically enhancing Texan 26 will improve the value-proposition to renters seeking high quality, affordable rental housing walking distance to campus.”
About Bascom:
Bascom 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 including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $21.4 billion in multifamily value-added transactions encompassing 357 multifamily properties and over 91,000 units. Bascom’s commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the 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 Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
If you would like further information, please call James D’Argenio at (626) 627-7123 or e-mail at jdargenio@bascomgroup.com
Media Contact
Organization: The Bascom Group, LLC
Contact Person: James D’Argenio
Website: https://bascomgroup.com/
Email: Send Email
Country: United States
Release Id: 1501248909
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