FRESNO, CA – The Bascom Group has continued their multifamily acquisition spree by acquiring two more apartment communities in the Central Valley. Casa de Luna Apartments and Casa del Sol Apartments are located in Fresno, California, and mark Bascom’s 25th multifamily acquisition in the Central Valley and 130th in California. Bascom bought the 236-unit portfolio for $44,500,000, or $188,559 per unit.
California Bank & Trust provided the debt financing for the acquisition and was arranged by Charles Halladay, Annie Rice, and Jamie Kline of JLL Capital Markets. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services.
The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by today’s renters. Each property has a pool and fitness center coupled with oversized floorplans and a unit mix consisting of 76% two- and three-bedroom floorplans. The unit interiors are in original condition or have only received minor upgrades, presenting a tremendous opportunity to upgrade the properties.
Bascom Sr. Principal, Lee Nguyen, states, “We have seen high demand for renovated apartment units in the Fresno market over the last few years. Casa de Luna and Casa del Sol will undergo renovations targeting unit interiors, exteriors, and amenities. Our focused renovation plot will present renters with a variety of unit interior end levels and price points. The properties will offer best-in-class apartment living at attractive pricing, offering renters relative value to higher priced properties in the area. In addition, we plot to rebrand the communities with new names, signage, and fresh marketing material.”
Casa de Luna and Casa del Sol are located in the Central Valley, an area known for its low cost of living, high quality of life, and favorable business atmospheres. Apartment fundamentals have been strong in Fresno, driven by population growth of more than 25% since 2000. Bascom’s Senior Vice President & Principal of Acquisitions, Jim Singleton, adds, “Fresno has seen tremendous growth over the last decade, and we are excited about continuing to invest in the community. Driving industries in Fresno like healthcare, information technology, and logistics, which complement Fresno’s robust agricultural activity, have attributed to Fresno’s economic prosperity and strong apartment occupancy.”
Bascom has been one of the most active apartment buyers in California and the Central Valley partnering with institutional and private capital. Prior to purchasing Casa de ;Luna and Casa del Sol, Bascom had bought 128 multifamily properties and 20,537 units in California, with 23 of those properties and 3,521 units located in the Central Valley. Over the past year, Bascom has completed roughly $1 billion in multifamily acquisitions nationwide.

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NORTH KANSAS CITY, MO – Star Development, a fully integrated commercial real estate company with proven experience in development, acquisitions and management, and Bonaventure, an integrated alternative asset manager focused on the development, construction, and property management of innovative lifestyle multifamily communities in Mid-Atlantic and Southeastern regions, celebrated the groundbreaking of 23rd & Swift, a Class A multifamily community located in North Kansas City, Missouri. Maxus Properties is an investor and will be handling property management for this project.
Liberty, Missouri-based Star Development is leading the development of 23rd & Swift and Bonaventure is overseeing the property s design and construction. Star Development chose to partner with Bonaventure given the firm s reputation as one of the country s most prolific rental housing developers and its longstanding relationship with Jeff Price, leader of Bonaventure s design team. The 294-unit property, which will feature a diverse mix of one- and two-bedroom apartments, will contribute to the area s housing supply and help revitalize an underdeveloped stretch of land near downtown.
As a lifelong resident of the Northland and for someone who was really born at 20th & Swift in NKC, this is truly an exciting project and one that hits close to home, said Tim Harris, Founder and Managing Principal of Star Development.
23rd & Swift derives its name from its prime location on an approximately six-acre block bounded by 23rd and 25th avenues and Swift and Buchanan streets. Residents of 23rd & Swift will delight in simple access to major transportation routes and benefit from the property s proximity to all the downtown area has to offer. In addition to its stunning exterior and interior design features, 23rd & Swift will boast a number of high-end amenities including a pool, clubhouse, game and media rooms, fitness facility, coffee bar, and computer center. The property is expected to open during the summer of 2024.
We are pleased to join forces with Star Development, one of the region s most experienced and respected property developers, to deliver a truly transformational multifamily project, said Dwight Dunton, founder and CEO of Bonaventure. This mandate demonstrates the unique capabilities of our vertically-integrated platform, which has been continuously refined over two decades to effectively manage all parts of the development lifecycle. Whether we are managing a project s full build or partnering with others, we are unwavering in our promise to deliver an exceptional living experience.
With a long track record of making value, Virginia-based Bonaventure is recognized among residents, investors, development partners, and townships for its operational excellence, creative vision and commitment to the communities it serves.

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SAN ANTONIO, TX – FCP with joint venture partner, One Real Estate Investment (OREI) announce the acquisition of The Summit apartments, a 284-unit community in San Antonio, Texas. The Summit is a 1984-build, Class B multifamily property located at 1955 Larkspur Drive in the primary economic hub of San Antonio, proximate to the South Texas Medical Center, National Security Agency, Central Security Service Headquarters, Southwest Research Institute, USAA, University Health, and Valero, which combined use over 140,000 people.
The Summit was sourced through an off-market opportunity based on an existing relationship through a previous OREI asset transaction. Terms of the transaction were not told.
The property benefits from convenient access to freeways I-410 and US-281, and close proximity to the San Antonio International Airport three miles away. The partnership will enhance the common areas and exteriors with a $5.1Mrenovation that will include adding exterior paint, resurfacing the pool, pressure cleaning, upgrades to the outdoor kitchen, renovations to the clubhouse, fitness center, landscaping, and enhanced signage amongst others. In addition to the exterior, interior value-add renovations will be implemented utilizing premiere upgrades including new flooring, granite countertops, backsplashes, light fixtures, cabinetry and stainless-steel appliances.
“FCP is excited to be working alongside an experienced San Antonio investor in OREI,” said FCP’s Cole Kellogg. “Our robust value-add investment into the community will improve the resident experience and bring the property in line with other top properties in the Castle Hills submarket.” The Summit is the 13th multifamily investment for FCP in Texasand the second in San Antonio.
“OREI’s historical performance in Texas has proven fruitful for our investors and we have continued confidence in the San Antonio market to sustain its trajectory of job, population, and rental growth,” said OREI President and CEO, Jeronimo Hirschfeld. “As The Summit marks our fourth investment in San Antonio, OREI will utilize the expertise and resources established in the market to implement our value-add program and drive returns.” In addition to acquiring The Summit, OREI has a Texas portfolio that includes 10 multifamily communities located in Houston, Dallas, College Station, San Antonio, and Austin, bringing total units under management in Texas to over 2,750.

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