IRVINE, Calif., April 27, 2022 /PRNewswire/ — The Bascom Group, LLC ("Bascom") has continued their acquisition run in Texas acquiring a 150-unit apartment community in Houston, marking their fourth Houston acquisition in nearly 12 months. Windwater at Windmill Lakes is a 150-unit community, built in 1999 and located in the southeast Houston submarket. The acquisition marks Bascom’s 39th multifamily property closed in Texas.
John Carr with Cushman & Wakefield represented the seller in the transaction. Huntington National Bank provided the debt financing for the acquisition and was arranged by Jason Pumpelly with Cushman & Wakefield. SD Cap Construction Management will provide construction management services and Cushman & Wakefield will provide property management. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The apartment community is very well-maintained, offering functional, spacious interior floorplans with original construction features ideal for upgrades. The existing amenity space offers sufficient opportunities for enhancement to better serves the needs of existing and future residents. With 100% of the units in original condition, this acquisition presents an attractive opportunity to physically reposition the asset.
Demand for Houston multifamily accelerated dramatically in the second half of 2021. Houston is expected to have the third largest employment growth in the US from 2021-2026 and is expected to have the largest population gain in the US from 2021-2026.
Chang Liu, Acquisitions Director for Bascom, adds "We are very pleased with this acquisition as it aligns well with our Texas strategy of acquiring newer vintage assets with minimal deferred maintenance and major value-add potential." Jason Hanna, Senior Vice President of Operations, comments "We are excited to acquire a property that offers characteristics, like large floorplans and ample community space, that are desired by today’s renters. We can elevate the interior design to match current modern standards and offer a boutique rental product for the submarket."
About Bascom:
The Bascom Group, LLC (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 U.S. Since 1996, Bascom has completed over $20.73 billion in multifamily and commercial value-added transactions including more than 350 multifamily properties containing over 90,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.
If you would like further information, please call James D’Argenio at 949-955-0888 ext. 119 or e-mail at
335064@email4pr.com
SOURCE The Bascom Group
