DEAL OF THE DAY: Bascom Strikes Again
- Aug 28, 2015
Dallas/Fort Worth — Value-add specialist The Bascom Group is having a busy summer. The firm announced this week that it has acquired a 436-unit community in the Grand Prairie submarket of Dallas/Forth Worth. Jamie Leachman of NGKF arranged the debt financing, while Brian Murphy and Brian O’Boyle Jr. of ARA Newmark represented the seller, shown to be PASSCO Real Estate, by Yardi Matrix records.
“We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements,” said James D’Argenio, principal. “Hopefully we can buy a few more like this before the year ends.”
Known as Towns of Riverside, the 1999-built property features 59 residential buildings and a standalone leasing center all situated on 54 acres. The unit mix is comprised of 52 percent one bedroom units, 40 percent two bedroom units, and 8 percent three bedroom units.
Amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court and fishing pier overlooking the community lake. Towns is centrally located 20 miles outside of both Dallas and Fort Worth.