HOUSTON, TX – The Bascom Group has continued their acquisition run in Texas acquiring a 150-unit apartment community in Houston, marking their fourth Houston acquisition in nearly 12 months. Windwater at Windmill Lakes is a 150-unit community, built in 1999 and located in the southeast Houston submarket. The acquisition marks Bascom’s 39th multifamily property closed in Texas.
John Carr with Cushman & Wakefield represented the seller in the transaction. Huntington National Bank provided the debt financing for the acquisition and was arranged by Jason Pumpelly with Cushman & Wakefield. SD Cap Construction Management will provide construction management services and Cushman & Wakefield will provide property management. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The apartment community is very well-maintained, offering functional, spacious interior floorplans with original construction features ideal for upgrades. The existing amenity space offers sufficient opportunities for enhancement to better serves the needs of existing and future residents. With 100% of the units in original condition, this acquisition presents an attractive opportunity to physically reposition the asset.
Demand for Houston multifamily accelerated dramatically in the second half of 2021. Houston is expected to have the third largest employment growth in the US from 2021-2026 and is expected to have the largest population gain in the US from 2021-2026.
Chang Liu, Acquisitions Director for Bascom, adds “We are very pleased with this acquisition as it aligns well with our Texas strategy of acquiring newer vintage assets with minimal deferred maintenance and major value-add potential.” Jason Hanna, Senior Vice President of Operations, comments “We are excited to buy a property that offers characteristics, like large floorplans and ample community space, that are desired by today’s renters. We can elevate the interior design to match current modern standards and offer a boutique rental product for the submarket.”

Powered by WPeMatico

MCKINNEY, TX – Morgan Properties, one of the nation s top three multifamily owners, announced it has bought parcHaus at Skyline, a brand-new, 136-unit single-family rental community in McKinney, Texas. It bought the luxury Build-to-Rent community from Dallas-based Provident Realty Advisors. Rebranded Elevate at Skyline, this transaction represents Morgan Properties first Build-to-Rent acquisition and its third rental community in Texas.
For nearly four decades, Morgan Properties has been predominantly focused on acquiring larger Class B multifamily portfolios where we can bring our value-add expertise and make operational efficiencies, said Jonathan Morgan, President of Morgan Properties JV. While these opportunistic multifamily investments remain our core focus, we also see immense opportunity in partnering with developers in the build-to-rent market and capitalizing on the growing popularity among renters for single-family homes that allow for more space and privacy.
Located right outside the Dallas-Fort Worth area, Elevate at Skyline is situated in an ideal location with direct access to Highway 380 and I-75. Residents are in close proximity to well loved shopping and business centers including The Raytheon Campus and Allen Premium Outlets, local and international airports, and state-of-the-art healthcare facilities.
Elevate at Skyline offers one-, two-, and three-bedroom homes and is the perfect community for renters looking for more space and privacy than a multifamily community without the hassle of homeownership. These newly-constructed homes feature private backyards, smart thermostats and locks, energy-star appliances, in-unit washer and dryers, and modern design finishes. Elevate at Skyline s gated community is highly amenitized and offers covered and garage parking, a pickleball court, pool, dog park, business center, and more.
Single-family rental homes are in high demand in the Dallas-Fort Worth area, specifically in towns that boast a desirable quality of living, upper-echelon school districts, and a robust employer base like McKinney, Texas, said Jason Morgan, President of Morgan Properties Special Situations & Principal. This made acquiring Elevate at Skyline an simple choice for us, and one that will jumpstart our future interest in diversifying our portfolio through single-family rental communities, all while continuing to grow our presence in the thriving Sun Belt region.

Powered by WPeMatico

CHARLESTON, SC – Material Capital Partners, a vertically integrated real estate development and investment management firm focused on build-for-rent single family rental housing communities across the Southeast and Florida, announced its latest single family rental development community, The Preserve at Sweetwater, in North Augusta, South Carolina. Groundbreaking of the community is scheduled for May 2022 with pre-leasing officially starting in November 2022 and project completion in early fall 2023.
The Preserve at Sweetwater will include 89 townhomes featuring a mix of 2 and 3 bedrooms and showcase a community of new urbanist design with intelligent use of greenspace and a wellness focus for residents, with a state-of-the-art fitness center, outdoor lounge area with firepit and outdoor kitchen, premium bark park, outdoor activity areas and walking paths. Residents will also delight in private, fenced backyards and patios. Each of The Preserve at Sweetwater’s townhomes will be outfitted with smart home features that will include smart locks, thermostats, garage door openers and all-electric energy rated stainless steel appliances. The homes will also feature luxury upgraded finishes that include custom kitchen cabinetry and large center islands, designer tile backsplashes, granite countertops and rich wood-style plank flooring to provide residents with a warm and inviting place to call home.
Alex Chalmers, Managing Partner at MCP, said, “MCP is thrilled to bring our build-for-rent product to North Augusta and be a part of the community. The Preserve at Sweetwater is a fantastic example of how MCP seeks to generate exceptional living experiences for people who want the luxury amenities of a Class A apartment building but desire the lifestyle of a house with more space, a backyard and garage within a single-family rental community.”
With the community’s prime location near the intersection of I-20 and I-520, residents will be minutes away from large corporate employers, major healthcare systems, outdoor recreation offerings and well loved retailers. Key employers in the area include Bridgestone, Rolls-Royce, Generac, the US Army Cyber Command at Fort Gordon, the Georgia Cyber Center, Amazon distribution center, Club Car headquarters and Augusta University. The community sits within an brilliant school district and is across the street from Walnut Lane Park.
“North Augusta is a key part of one of the strong ascendant secondary markets in the Southeast. It has a well-deserved fantastic reputation for quality of life. Located between Aiken and Augusta, the city benefits from wonderful amenities and new jobs combined with low cost of living and low cost of housing,” said Joel Presley, MCP Partner and Augusta resident for 30 years.
The Preserve at Sweetwater will be built by local Augusta firm Winchester Commercial Group, MCP’s dedicated construction partner for all its Southeast communities.

Powered by WPeMatico