Bascom buys Houston apartment property Montierra

The acquisition marks Bascom's fifth Houston acquisition the past two years.

  • The acquisition also marks Bascom’s 40th multifamily property closed in Texas
  • California Bank & Trust provided the debt financing for the acquisition
  • SD Cap will provide construction management services and Stonemark will be the property manager

The Bascom Group has acquired Houston-based Montierra, a 346-unit apartment community. No financial terms were disclosed.

The acquisition marks Bascom’s fifth Houston acquisition the past two years. The acquisition also marks Bascom’s 40th multifamily property closed in Texas.

Montierra was built in 2003.

Dustin Selzer with JLL represented the seller in the transaction. Cadre, a New York based real estate investment manager, provided the equity capital. This is the second joint venture between Cadre and Bascom this year.

California Bank & Trust provided the debt financing for the acquisition and was arranged by Brandon Smith, Annie Rice and Jamie Kline with JLL. SD Cap will provide construction management services and Stonemark will be the property manager. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

On the deal, Chang Liu, acquisitions director for Bascom, said in a statement, “This acquisition continues our Texas strategy of acquiring well located, newer vintage assets with minimal deferred maintenance and value-add potential.”

Since 1996, Bascom has completed over $21 billion in multifamily value-added transactions encompassing more than 350 multifamily properties and over 100,000 unit.