Bascom Buys Foreclosed Dallas Asset
A comprehensive value-add strategy is slated for implementation.
The Bascom Group has acquired Jasmine Apartments, a 370-unit workforce asset in Dallas. Morgan Properties’ MORE Capital provided the acquisition loan in a deal arranged by Northmarq.
Mack Real Estate Group, the property’s former lender, previously held the asset, Yardi Matrix data shows. Mack foreclosed on a $44.8 million loan in 2025, taking ownership of the community from Tides Equities, which acquired the asset in 2022 and planned to implement an $8.5 million capital improvement strategy.
Bascom plans to continue the value-add approach, supporting critical housing for young professionals and families earning below the area median income, according to a company statement. SD-Cap will lead the construction efforts, while RPM will provide property management services.
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Jasmine, formerly Tides on Esperanza, debuted in the 1980s. The property encompasses 18 buildings that comprise studio, one- and two-bedroom units averaging 669 square feet. Community amenities include a clubhouse, swimming pool, playground and picnic area, among other features.
Located at 13450 Esperanza Road, Jasmine is more than 1 mile from the Interstate 635 and U.S. Route 75 interchange within the Far North Dallas suburb. The University of Texas at Dallas campus is about 4 miles away.
Northmarq Managing Director Joe Giordani, Senior Vice President & Senior Director Scott Botsford, Senior Vice President Brendan Golding and Analyst Alvin Cao represented The Bascom Group in the debt negotiations.
Since its inception in 1996, Bascom has completed more than $23 billion in multifamily value-add deals consisting of 368 properties and 94,272 units. Jasmine was Bascom’s 42nd Texas acquisition.
Dallas foreclosures lead to value-add deals
The Lone Star State provides attractive entry points for experienced buyers with ready-to-execute capital improvement plans targeting older, pre-1990 communities that struggle with overleveraged, floating-rate debt and thin operating margins.
Another such example closed earlier this month, also within North Dallas. Machine Investment Group teamed up with RPM Living Investments to acquire 75 West, a 490-unit asset. Notably, this community was also foreclosed on by its previous lender, Ares, the same entity that divested the asset, according to Yardi Matrix.
