The Bascom Group has acquired the Redlands Apartments, a apartment community located in San Antonio, Texas. No financial terms were disclosed. De’On Collins, John Brownlee and Charles Halladay of HFF provided the debt financing.
IRVINE, Calif., Jan. 12, 2017 /PRNewswire/ — The Bascom Group, LLC has acquired the Redlands Apartments, a 280-unit Class A apartment community located in the affluent Stone Oak submarket of San Antonio, Texas. The property offers residents great access to North San Antonio’s major employment corridors. Debt financing was arranged by De’On Collins, John Brownlee and Charles Halladay of HFF. James D’Argenio sourced and managed the acquisition for Bascom.
The property consists of 15 residential buildings and one stand-alone leasing center spread across more than 26 acres. The unit mix is comprised of 42% one bedroom units, 45% two bedroom units, and 13% three bedroom units. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, BBQs, picnic areas, a children’s playground, a pet park, and a clubhouse with a business center.
San Antonio is home to many businesses across a diverse array of industries including medical, financial, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation. As San Antonio continues to offer an elite quality of life relative to other U.S. cities, the MSA continues to induce corporate relocations, company expansions, and commercial development. This economic growth and limited apartment supply will continue to strengthen multifamily fundamentals in San Antonio.
James D’Argenio, Principal for Bascom, comments, “We acquired a well-built, low-density asset benefitting from a great school system and a stable resident base. The interiors offer an upgrade opportunity when compared to newer, more expensive apartments in the submarket.”
Tony Ferrell, Director of Portfolio Operations for the Texas region adds, “North San Antonio 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 is a private equity firm specializing in value-added multifamily, commercial, 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, increasing 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 U.S. Bascom has completed over $12 billion in multifamily and commercial value-added transactions since 1996 including more than 304 multifamily properties containing over 80,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. 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, Village Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.