Bascom Group Buys 252 Units in Houston
- Jun 18, 2014
Houston—Houston is hot and Bascom knows it. The private equity firm which specializes in value-add properties announced today that it has picked up Sierra at Fall Creek. The 252-unit community located in the master-planned community of Fall Creek in northeast Houston, which is the closest master-planned community to downtown Houston.
“This section of Houston is insulated from the new construction pipeline,” says Tony Ferrell, Bascom’s director of portfolio operations for the Texas region. “This coupled with our scheduled interior and exterior renovations will allow the asset to continue its solid performance and compete with newer product in the submarket.”
Built in 2004, Sierra at Fall Creek features 13 buildings and one stand-alone leasing center. Amenities include a clubhouse, billiards room, fitness center, pool and spa.
“Buying a newer asset in a sought-after location that is generating strong current yield, with appreciation potential through capital improvements, is a good deal-profile for us in Houston,” adds James D’Argenio, principal for Bascom.
California Bank and Trust provided financing, which was arranged by CBRE Capital Markets.
Pembrook provides $22M bridge loan to renovate two Atlanta apartment assets
Norcross, Ga.—Pembrook Capital Management has closed a $22 million bridge loan that will finance the exterior and interior renovation of two apartment communities in the northern Atlanta submarket of Norcross, Ga. The two properties, Centre at Peachtree Corners and Summit at Dawson, were constructed in 1972 and 1983 respectively, and include 434 units combined. The borrowers, a joint venture between Audubon Communities and Five Mile Capital, will utilize the financing to complete the renovation of both complexes and reposition the properties into affordable Class A assets.
Centre at Peachtree Corners, located at 1500 Holcomb Bridge Road in Norcross, Ga. is a 272-unit multifamily community off Peachtree Parkway, roughly 10 miles northeast of Downtown Atlanta. Summit at Dawson is a 162-unit multifamily community located at 1400 Chase Lane, also in Norcross, Ga. The business plan for both these properties is to finish the remaining capital improvements and lease up the units.
The exterior renovations to both properties include new roofs, siding, replacement of all windows and exterior doors, repainting and replacement of wood railings and stairways where needed. Interior unit renovations include new kitchens, new bathrooms, new appliance package and new mechanicals. The clubhouses and common areas for both properties are also being improved to enhance curb appeal.
NorthMarq arranges $18.06M acquisition financing via bridge lender
Raleigh, N.C.—Brett Mason, vice president of NorthMarq Capital’s Raleigh regional office, arranged acquisition financing of $18.06 million for Timber Hollow Apartments, a 198-unit multifamily property located in Chapel Hill, N.C.
The transaction was structured with a three-year interest-only term through our relationship with a bridge lender.