DALLAS, TX - The Bascom Group, LLC has acquired The Davis Building, a Class AAA luxury urban infill mixed-use property. The investment includes a 20-story high-rise building featuring a beautiful Neo-Classical facade and including 183 loft-style apartment units, 52,235 feet of premier retail space and the twelve-level 600-space Metropolitan parking garage. The property was built in 1926 as an office building and was converted into an ultra-luxury apartment in 2003. The sale closed on April 21, 2011. The Davis Building is ideally located in the Main Street District of Downtown Dallas, bordered by Main, Elm and Field Street. The property was purchased through a receivership sale with debt financing provided by J. E. Robert Companies. The property is 95% leased as of the close of escrow. The purchase expanded Bascom's Texas portfolio to 24 properties totaling 8,480 units. Bascom purchased The Davis Building from the receiver with Ryan Epstein from Marcus and Millichap representing both parties. The acquisition was led by Jeffrey Fuller, Han Jang and Paul Miskowicz of The Bascom Group. The onsite property management will be assigned to Entrada Partners and the parking management services will be assigned to LAZ Parking.
The Davis Building resides on 0.78 acres and consists of a wide range of floor plans including one, two, and three-bedroom configurations with an average unit size of 1,036 sq ft. The property was converted into luxury residential lofts in 2003 and has extensive common area amenities including: an attached six-level parking garage with direct access to the building, boutique lobby, rooftop garden, rooftop swimming pool and Jacuzzi, skyline views, cabana lounge with television, fitness facility with custom equipment, underground tunnel access to numerous nearby commercial buildings and underground, retail shops and restaurant onsite, enclosed dog park on the top floor of parking structure, tanning bed, music playing in all corridors, on-site courtesy officer, and a private loading dock. Unit interiors feature terrazzo flooring, black granite countertops, twelve to twenty foot ceilings, exposed ductwork, plaster and brick exposed walls, stained maple wood kitchen cabinetry, full appliance package, above-range microwave oven, ice maker, side-by-side refrigerator, stainless steel shelves over kitchen sink, kitchen pantry, full-size washer and dryer hookups, contemporary ceiling fan, lighting on dimmer switch, designer Ron Rezek vanity lighting, granite vanity with premium faucets, and walk-in closets. Select units offer either stainless steel or black kitchen appliance package, polished concrete and polished wood flooring, over-size oval tub with granite surround, step-in shower with granite surround, private patio or balcony, and a private outdoor Jacuzzi for the penthouse unit.
In addition to a complete amenity package and exceptional interiors, The Davis Building is located on the northeast corner of the highly trafficked Main and Field Streets, covering one full city block in the heart of Downtown Dallas's Main Street District. Main Street runs east-west and is home to many of Dallas's tallest skyscrapers and grand historic buildings have been restored and adapted for new use. Davis is surrounded by four major freeways (I-35E, I-30, 75, & 336) and roads that provide daily vehicle traffic of 583,000. The property is also part of the downtown tunnel system allowing access to more than 160 restaurants and shops and several major office buildings. Downtown is home to more than 28 million square feet of office space and is the largest employment center in North Texas with a workforce of 115,000 people, which provides a continual stream of highly qualified potential residents. Furthermore, a Dallas Area Rapid Transit (DART) light-rail station is located one block north of the property, providing residents convenient access to all areas of the metro. The surrounding area is known to have some of Downtown Dallas' strongest demographics and high-end living with an average household income of $88,578.
Bascom is a private equity firm headquartered in Irvine, California, specializing in value-added multifamily real estate investments. Bascom sources value-added apartment properties and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. To date, Bascom has completed transactions totaling over $6.0 billion. Bascom has been an active buyer of value-added and distressed multifamily properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas, acquiring nearly 53,000 units distributed amongst 200 properties to date. Bascom, through its joint ventures with the Southern California Industrial Fund LLC, Real Group, LLC and Rushmore Properties, LLC, has acquired more than 2.0 million square feet of commercial properties nationwide.
Source: The Bascom Group