Source: The Bascom Group / #Apartments #Multifamily
HOUSTON, TX - The Bascom Group, LLC has acquired Sierra at Fall Creek, a 252-unit multifamily community located in the highly desirable master planned community of Fall Creek in northeast Houston. Debt financing was provided by California Bank and Trust and arranged by the team of Brian Eisendrath at CBRE Capital Markets.
Built in 2004, the property consists of 13 residential buildings and one stand-alone leasing center situated on 13 acres in the desirable neighborhood of Fall Creek. The unit mix is comprised of 61% one bedroom units, 26% two bedroom and two bathroom units, and 13% three bedroom units. Select units offer attached garages and additional study rooms. Community amenities include a clubhouse, billiards room, fitness center, pool and spa, and grill and lounge area. Fall Creek is the closest master planned community to downtown Houston, offering residents convenient access to the CBD, as well as other major job centers north of Beltway 8.
James D'Argenio, Principal for Bascom, comments, "Buying a newer asset in a sought-after location that is generating strong current yield, with appreciation potential through capital improvements, is a good deal-profile for us in Houston." Tony Ferrell, Director of Portfolio Operations for the Texas region adds, "This section of Houston is insulated from the new construction pipeline. This coupled with our scheduled interior and exterior renovations will allow the asset to continue its solid performance and compete with newer product in the submarket."