Bascom Acquires 280-Unit Community in San Antonio
- Jan 17, 2017
San Antonio—The Bascom Group has acquired the 280-unit Redlands Apartments in San Antonio’s Stone Oak submarket. Debt financing was arranged by De’On Collins, John Brownlee and Charles Halladay of HFF, while James D’Argenio provided in-house representation for Bascom. The price tag was not disclosed.
“We acquired a well-built, low-density asset benefitting from a great school system and a stable resident base. The interiors offer an upgrade opportunity when compared to newer, more expensive apartments in the submarket,” D’Argenio, principal for Bascom, said in a prepared statement.
Spread across more than 26 acres, the Class A asset consists of 15 buildings and one stand-alone leasing center. The unit mix is 42 percent one-bedroom floor plans, 45 percent two-bedroom units and 13 percent three-bedroom floor plans. Common area amenities include a fitness center, two swimming pools, volleyball courts, barbecue, picnic areas, playground, pet park and a clubhouse with a business center.
“North San Antonio and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Texas markets. The property along with the neighboring properties are all high 90s occupancy with healthy resident analytics,” added Tony Ferrell, director of portfolio operations for the Texas region.
Images courtesy of Yardi Matrix