The Bascom Group, LLC continued their acquisition run in Texas, acquiring a 346-unit apartment community in Houston and marking their fifth acquisition in Houston in the past two years. Montierra is a 346-unit community, built in 2003 and located in the Uptown/Galleria submarket. The acquisition also marks Bascom’s 40th multifamily property closed in Texas.
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.
Developed by Sueba USA, known for building high quality luxury multifamily, the property is very well-maintained, offering functional, large interior floorplans with existing construction and design elements that are ideal for upgrades. The amenity spaces offer sufficient opportunities for enhancement to better serve the needs of current and future residents.
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.” Andre Burshe, Director of Operations, comments, “We are excited to acquire a property that offers suburban characteristics, like large floorplans and ample community space, in an urban location. We can elevate the interior design to match the next-generation properties nearby.”
