Bascom Sells 252-Unit Houston Asset

Newmark Knight Frank originated a $23.8 million, 10-year Freddie Mac loan on behalf of the buyer to finance the acquisition of Sierra at Fall Creek.
Sierra at Fall Creek
Sierra at Fall Creek

F&B Capital has purchased the 252-unit Sierra at Fall Creek in Humble, Texas, from Bascom Group, according to Yardi Matrix data. Newmark Knight Frank originated a $23.8 million, 10-year Freddie Mac loan for the new owner. The community last traded five years ago, when Bascom Group acquired it from Portrait Homes.  

Located at 14951 Bellow Falls Lane in a dense residential area, the asset is close to dining and retail options, less than 3 miles from Interstate 69 and roughly 16 miles northeast from downtown Houston. Comprising one-, two- and three-bedroom apartments ranging from 661 to 1,445 square feet, Sierra at Fall Creek was completed in 2004 and consists 13 two- and three-story buildings spread across a 13.3-acre site. Common-area amenities include a pool and hot tub, fitness center, playground and dog park. As of June, the property was 96 percent occupied, per Yardi Matrix data.     

Recently, Bascom Group and Oaktree Capital Management also disposed of a 720-unit multifamily portfolio in Vegas. The two assets traded for $140.2 million.