IRVINE, Calif., June 6, 2016 /PRNewswire/ -- The Bascom Group, LLC acquired a multifamily asset with over 300 units located in the growing North Austin city of Round Rock. The property offers residents great access to North Austin's major employment corridors. Debt financing was arranged by De'On Collins, John Brownlee and Charles Halladay of HFF. Sean Sorrell with HFF represented the seller in the transaction.
The property consists of 19 residential buildings and one stand-alone leasing center spread across 17 acres. The unit mix is comprised of 51% one bedroom units, 40% two bedroom units, and 9% three bedroom units. Community amenities include a clubhouse, fitness center, swimming pool, BBQs, picnic areas and a pet park.
With the growth of the Austin MSA, North Austin continues to expand as "STEM" businesses look for space, affordability, and quality of life outside the urban core. This northern expansion and limited supply will continue to strengthen multifamily fundamentals in North Austin.
James D'Argenio, Principal for Bascom, comments, "We acquired a well-built, well-located asset benefitting from a great school system and a stable resident base. Although recently built, the interiors offer an upgrade opportunity when compared to newer, more expensive apartments."
Tony Ferrell, Director of Portfolio Operations for the Texas region adds, "North Austin 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."
About Bascom: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $11.7 billion in multi-family and commercial value-added transactions since 1996 including more than 292 multifamily properties containing over 78,000 units. Bascom has ranked among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US. For additional information, please visit www.bascomgroup.com.
If you would like further information, please call James D'Argenio at 949-955-0888 Ext. 19 or e-mail at Email.
Contact: James D'Argenio
Tel: 949-955-0888 Ext 19
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SOURCE The Bascom Group, LLC