DALLAS, TX - Irvine, California-based The Bascom Group, LLC has acquired Villas at Monterey, a 272-unit community in Dallas, Texas. The sale closed on March 30, 2012 and expanded Bascom's Texas portfolio to 20 properties totaling 7,181 units. The price was not disclosed. The acquisition for Bascom was managed by Andrew Newton, Jeffrey Fuller and Paul Miszkowicz. The onsite property management will be overseen by Entrada Partners.
Villas at Monterey is a 272-unit apartment community located in Dallas, Texas. The property was constructed in three phases and covers approximately 14.52 acres. Villas at Monterey consists of 21 traditional apartment buildings, 26 residential duplexes, one leasing center, and a storage facility. The property provides residents a choice of 20 floor plans consisting of one, two, and three-bedroom units. Units at the property range in size from 600 to 1,628 square feet and feature patio/balconies, walk-in closets, frost-free refrigerators, upgraded lighting fixtures, flooring, dishwashers and disposals. The campus features two swimming pools, community playground, five laundry rooms, storage rooms, and standalone leasing center.
Jeffrey Fuller, Senior Vice President for Bascom, commented, "Villas at Monterey represents the seventh acquisition for the firm in the last four months and expands our portfolio to 20 assets in Texas." Paul Miszkowicz added, "Villas at Monterey is a well-located asset within the North Dallas submarket and features excellent proximity to major employment centers and strong local demographics."
The Bascom Group, LLC 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 has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996, including more than 200 multifamily properties and 55,000 units. Bascom currently ranks 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 Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group.