MCKINNEY, TX - The Bascom Group acquired a 260-unit multifamily community located in the desirable North Dallas city of McKinney, Texas. The transaction was brokered by Sperry Van Ness. Debt financing from EastWest Bank was arranged by John Brownlee and De'On Collins of HFF. James D'Argenio sourced and managed the acquisition for Bascom.
Built in 1997, the property consists of 24 two-story residential buildings and one stand-alone leasing center spread across 20 acres. The unit mix is comprised of 25% one bedroom units and 75% two bedroom units averaging 873 square feet. The seller was also the original developer.
Community amenities include a clubhouse, small fitness center, pool, tennis court and ample greenspace. The property is located 30 miles north of downtown Dallas. McKinney is home to more than 11,000 firms across a diverse array of industries, including: medical, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation.
James D'Argenio, Principal for Bascom, comments, "The community was in need of physical upgrades to match the consumer's quality demands of today. Hopefully we can find more opportunities like this."
Jason Hanna, Senior Vice President of Portfolio Operations for the Texas region adds, "McKinney's multifamily fundamentals are strong and we are excited to initiate a renovation program that will reflect the needs of the rental community."
The Bascom Group is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. 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.