Author Archives: ipgocorp

The Bascom Group Acquires 260-Unit Garden Apartment Community in Hot North Dallas Market

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MCKINNEY, TX – The Bascom Group bought a 260-unit multifamily community located in the desirable North Dallas city of McKinney, Texas. The transaction was brokered by Sperry Van Ness. Debt financing from EastWest Bank was arranged by John Brownlee and De’On Collins of HFF. James D’Argenio sourced and managed the acquisition for Bascom.

Built in 1997, the property consists of 24 two-tale residential buildings and one stand-alone leasing center spread across 20 acres. The unit mix is comprised of 25% one bedroom units and 75% two bedroom units averaging 873 square feet. The seller was also the original developer.

Community amenities include a clubhouse, small fitness center, pool, tennis court and ample greenspace. The property is located 30 miles north of downtown Dallas. McKinney is home to more than 11,000 firms across a diverse array of industries, including: medical, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation.

James D’Argenio, Principal for Bascom, comments, “The community was in need of physical upgrades to match the consumer’s quality demands of today. Hopefully we can find more opportunities like this.”

Jason Hanna, Senior Vice President of Portfolio Operations for the Texas region adds, “McKinney’s multifamily fundamentals are strong and we are excited to initiate a renovation program that will reflect the needs of the rental community.”

The Bascom Group is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom has completed over $11.7 billion in multi-family and commercial value-added transactions since 1996 including more than 292 multifamily properties containing over 78,000 units. Bascom has ranked among the top 50 multifamily owners in the US. 

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Goldman: The Fed Might Have a New, Big Idea

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(RECAP: The r-star (r*) is the natural rate of interest that sometimes crops up in economics texts. It also might be the Federal Reserve’s newest, largest thought, according to strategists at the Goldman Sachs Group Inc. The notion that the natural or neutral rate of interest has been stuck at ultra-low levels might help the U.S. central bank square a dilemma between hiking interest rates and strengthening the U.S. dollar. “For the FOMC, this is a genuine conundrum, because it means that too hawkish a message could send the Dollar sky-rocketing, a deflationary shock that would also weigh on growth, thereby – in a way – undermining the very rationale for shifting hawkish in the first place,” write Goldman strategists. “To deal with this conundrum, the framework that many at the Fed seem to be converging around is that ‘r-star’ is low, so that the degree of monetary policy accommodation is only moderate, despite policy rates being so low.” Such a stance could allow the central bank to justify keeping benchmark interest rates lower for longer.)

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Warner, Kaine announce $9.5 million to alleviate veteran homelessness

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(RECAP: U.S. Sens. Mark Warner and Tim Kaine announced that the U.S. Department of Veterans Affairs (V-A) will award $9,476,756 to housing authorities and nonprofit organizations to help ongoing efforts in the Commonwealth to prevent veteran homelessness and provide stable housing for low-income veterans and their families. “Our country has a duty to honor our commitments to support the men and women who have worn our nation’s uniform, and these federal funds will support state and local agencies and nonprofit organizations,” said Warner. “This funding also adds additional support to Governor McAuliffe’s successful efforts to end veteran homelessness in Virginia by working to provide shelter, stable housing and employment opportunities before veterans fall through the cracks.”)

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