Bascom/Oaktree Venture Acquires Suburban Dallas Apartments
- Feb 20, 2015
Denton, Texas—A joint venture of Bascom and Oaktree Capital Management has acquired The Timber Links, a 480-unit apartment property Denton, a north suburb of Dallas, for an unspecified price. The property consists of 41 buildings on nearly 59 acres of land.
The unit mix includes of about one-third one-bedroom units and two-thirds two-bedroom units. The property features a nine-hole Lyndy Lindsey-designed golf course. According to GolfNow, the “par 35 traditional layout is full of undulating terrain. Built in 2003, Bermuda grass greens provide a challenge for even the low handicappers.” Other common amenities include a business center, clubhouse, fitness center, recreation room, and a pool.
Timber Links is located near a number of major institutions, including The University of North Texas, Texas Women’s University, and the Denton Regional Medical Center. According to the Census Bureau, the population of Denton has spiked by 48 percent since 2000, bringing the current total to about 124,000 and making Denton one of the top 15 fastest-growing cities in the United States during those years.
The partners are no strangers to each other; this is the sixth multifamily acquisition for the Bascom/Oaktree Venture. The partnership was launched in mid-2014 and has made acquisitions in California, Florida, Nevada, Arizona, Georgia and Texas.
GE Capital Bank provided financing to acquire the Denton deal, while John Brownlee and De’on Collins of HFF sourced the debt financing. HFF’s Roberto Casas represented the seller in the transaction. The property will be managed by Entrada Partners.