Bascom Group Expands Houston Portfolio
The purchase marks the company's fifth acquisition in the metro and its 40th in the state.
Montierra. Image courtesy of The Bascom Group LLC
The Bascom Group LLC has acquired Montierra, a 346-unit Class A multifamily asset in Houston. Joint venture partner Cadre provided the equity capital for the deal that marks the duo’s second collaboration this year. The seller, CIM Group, picked up the property in late 2013, for $74.6 million, according to Yardi Matrix.
JLL brokered the transaction for the seller, additionally to securing acquisition financing, provided by California Bank & Trust. SD Cap will be responsible for construction management services and Stonemark is set to be the property manager.
Dating back to 2003, the nine-building property encompasses one-, two- and three-bedroom floorplans. Units feature vaulted ceilings with above-standard ceiling heights, monitored security, high-speed internet access, in-unit washer and dryer, as well as walk-in closets and Jacuzzi tubs. Community amenities include a two-story fitness center, a business center, a lap pool, two spas, a clubhouse, a library as well as 715 parking spaces.
Located at 2345 Sage Road on a 7-acre site, the asset is part of the Uptown/Galleria submarket. The community is near interstates 69 and 610, placing it roughly 9 miles west of downtown Houston.
An extensive Texas portfolio
Andre Burshe, director of operations for Bascom, stated in prepared remarks that the community offers suburban characteristics in an urban location. He also mentioned that the new owner plans to upgrade the asset’s interior design, in order to match the next-generation properties in the area.
The purchase marks the fifth addition to Bascom’s Houston portfolio over the past two years and the company’s 40th acquisition in Texas. Earlier this year, the firm acquired a 150-unit asset in the same metro.
Bascom’s Director of Acquisitions Chang Liu and Principal of Acquisitions James D’Argenio sourced and managed the trade of Montierra. The JLL team securing the debt financing included Managing Directors Brandon Smith and Annie Rice, along with Senior Director Jamie Kline, while Managing Director Dustin Selzer represented the seller in the transaction.
