IRVINE, CA - Bascom Group has acquired Jefferson Stonebriar, a newly built 424-unit Class A multifamily community located in the high-growth city of Frisco, Texas. Bascom acquired the property from the developer, JPI. The purchase price was confidential. Debt financing was arranged by Tip Strickland and Braden Harmon of Berkeley Point Capital. Brian Murphy and Richard Furr of ARA represented the seller in the sale. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The property consists of three residential buildings spread across nine acres. The unit mix is comprised of 69% one bedroom units, 25% two bedroom units, and 6% three bedroom units. Community amenities include a clubhouse, fitness center, theater room, resort-style pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.
Situated in the high growth zone known as the Platinum Corridor, Frisco has seen unbelievable population and economic expansion, with the population increasing 30% over the past five years and projected to increase another 25% over the same period. At the center of the Platinum Corridor and just 2.9 miles from Jefferson Stonebriar is Legacy and Granite business parks, home to 82,000 employees, residents and major corporations including FedEx, Capital One, Frito-Lay and Liberty Mutual. Frisco continues its relentless expansion with three commercial projects totaling $3.4 billion under construction, including the Star at Frisco, Frisco Station and the Gate.
Jason Hanna, Senior Vice President of Operations, comments "We acquired a best-in-class asset in a market with outsized economic growth, blue-chip schools, and excellent demographics." James D'Argenio, Senior Principal for Bascom, adds "We have underwritten the apartment deliveries in the near term. Over the long-term, we believe the driving forces behind Frisco's success will strengthen and allow for meaningful property-level revenue growth without renovation risk."
Jefferson Stonebriar marks Bascom's 35th multifamily property closed in Texas. Over the past twelve months, Bascom has completed over $1.2 billion in multifamily transactions throughout the United States. Since 1996, Bascom and its affiliates have acquired 3232 multifamily properties throughout the United States, totaling more than 84,000 units. Bascom currently holds 18,305 units in its portfolio.