Source: The Bascom Group / #Apartments #Multifamily
DENTON, TX - The $250 million venture by Bascom and funds managed by Oaktree Capital Management, L.P. has acquired The Timber Links, a 480-unit apartment community located at 5201 Par Drive, Denton, Texas. The sale closed on January 30, 2015. GE Capital Bank provided financing to acquire the property. The debt financing was sourced by John Brownlee and De'on Collins of HFF. Roberto Casas of HFF represented the seller on the transaction. The property will be managed by Entrada Partners.
This is the sixth multifamily acquisition for the Bascom/Oaktree Venture. The Venture was launched in June 2014 and has made acquisitions in California, Florida, Nevada, Arizona, Georgia, and Texas.
The Timber Links was built in 2004 and is located in Denton, Texas, a rapidly growing suburb of Dallas/Fort Worth. Timber Links consists of 41 buildings on 58.9 acres of land. The unit mix consists of 33% one-bedroom units and 67% two-bedroom units. The property has a nine hole-golf course on site offering tenants a desirable amenity package in an expansive, low-density apartment community. Timber Links is well located next to major institutions including The University of North Texas, Texas Women's University, and the Denton Regional Medical Center. Since 2000, the population of Denton has increased by 48%, bringing the total population to approximately 124,000 people and making Denton one of the top 15 fastest growing cities in the United States.
Tony Ferrell, Director of Portfolio Operations for Bascom explains, "Timber Links is a high quality community located in a suburb of Dallas/Fort Worth that we are very excited about. We have a renovation planned for the property that will allow it to compete with other best-in-class assets." James D'Argenio, Principal at The Bascom Group, adds, "Denton continues to show strong apartment fundamentals and household economic statistics relative to other Dallas/Fort Worth submarkets. This coupled with Denton's growth forecasts will continue to stress the existing rental inventory and position the submarket to absorb future supply."