Source: Bascom Group
CYPRESS, TX - The Bascom Group has continued their acquisition spree in Texas acquiring a 350-unit luxury multifamily property located in the highly desirable master-planned community of Towne Lake in the city of Cypress, Texas. Cantera marks Bascom's 36th multifamily property closed in Texas.
Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced the Freddie Mac senior loan debt financing. David Mitchell with Newmark was the broker. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The property, constructed in 2006, contains a unit mix comprised of 15% one-bedroom, 76% two-bedroom units and 9% three-bedroom units averaging 1,015 square feet. The land size is approximately 13 acres and includes a total of 605 parking spaces. Community amenities include a leasing office, two-story clubhouse, networking center, fitness center, and two swimming pools.
Cantera is in the Towne Lake master-planned community developed by Caldwell Companies. Towne Lake is the 4th largest recreational lakeview community in the greater Houston Area, featuring a 300-acre lake with over 14 miles of shoreline and a 6-mile continuous boat ride. Towne Lake offers a variety of community recreational attractions, retail and dining options. The community is also the home of Lone Star College. In 2020, the Houston Business Journal named Towne Lake a Landmark in Houston and the Houston Chronicle named Towne Lake the "Best Community" in Houston.
James D'Argenio, Senior Principal for Bascom, adds, "We underwrote over six billion in multifamily deals last year in Texas, so we're really happy to get this closed. This acquisition aligns with our investment thesis in Texas of acquiring newer-vintage assets with achievable renovation premiums located in submarkets with minimal new-supply exposure." Tony Ferrell, Senior Vice President of Operations, comments "We are excited to acquire this well-run asset in good condition and in a submarket with desirable entertainment attractions, premier public schools, and excellent access to the greater Houston area."