DALLAS, TX - The Bascom Group, LLC acquired Towns of Riverside, a 436-unit multifamily community located in the desirable Grand Prairie submarket of Dallas/Fort Worth. The property, centrally located in the DFW metro, offers residents convenient access to all DFW's major employment corridors. Debt financing was arranged by Jamie Leachman of Newmark Grubb Knight Frank. Brian Murphy and Brian O'Boyle Jr. of ARA Newmark represented the seller in the transaction.
Built in 1999, the property consists of 59 residential buildings and one stand-alone leasing center spread across 54 acres. The unit mix is comprised of 52% one bedroom units, 40% two bedroom units, and 8% three bedroom units. 39% of the 436 units provide direct access garages and 28% are townhome-style apartment homes, offering a diverse set of floor plans for young professionals, singles, and families.
Community amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court, and fishing pier overlooking the community lake. Towns is centrally located 20 miles outside of both Dallas and Fort Worth. The DFW area is the largest metropolitan area in Texas, the fourth largest metro in the United States, and the sixth largest economy in the country.
James D'Argenio, Principal for Bascom, comments, "We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements. Hopefully we can buy a few more like this before the year ends."
Tony Ferrell, Director of Portfolio Operations for the Texas region adds, "Grand Prairie and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Dallas/Fort Worth submarkets. Towns, along with the neighboring properties, are all high 90s occupancy with healthy resident analytics."
Bascom, founded by principals Jerry Fink, David Kim and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 66,000 units.