HOUSTON, TX – The Bascom Group has continued their acquisition spree in Texas acquiring two more apartment communities totaling 602 units. The Spencer Park Row is 390 units located near Katy in west Houston. Tranquility Lakeside is 212 units located in the city of Pearland. These acquisitions mark Bascom’s 38th multifamily property closed in Texas.
Clint Duncan and Matt Phillips of CBRE represented the seller in the transaction. Oaktree Real Estate Debt Fund III, LLC provided the debt financing for the acquisition and was arranged by Michael Thompson and Travis Fincher from CBRE. SD Cap will provide construction management and Stonemark Management will provide property management. James D’Argenio and Chang Liusourced and managed the acquisition for Bascom.
The properties were built in 2002 and 2004 with oversized floorplans and 64% of the units are two- and three-bedroom units. Combining this with an abundance of outdoor greenspace, these properties offer the ideal features desired by today’s renters. With 52% of the units in original condition, this acquisition presents a tremendous opportunity to physically reposition the assets.
Demand for Houston multifamily accelerated dramatically in the second half of 2021. Houston has absorbed approximately 34,000 units year to date. 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.
James D’Argenio, Senior Principal for Bascom, adds “We underwrote over $16 billion in multifamily deals this year in Texas, so it’s fantastic to get a few more closed.” Jason Hanna, Senior Vice President of Operations, comments “We are excited to buy assets that were built over 15 years ago but offer characteristics, like large floorplans and open greenspace, that are desired by today’s renters. We can elevate the interior design to match current modern standards and offer a unique rental product for the submarket.”

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TUCSON, AZ – Leading commercial real estate firms Vertical Street Ventures, Limitless Estates, and Invest in Multifamily announced the joint acquisition of Seneca Terrace Apartments in Tucson, Arizona, a 109-unit apartment complex. The teams are led by Steven Louie, Jenny Gou, and Ronnie Gou of Vertical Street Ventures, Kyle Mitchell of Limitless Estates, Jonathan Winick of Invest in Multifamily, and alongside Key Partner Gil Ficke.
This is the third property bought this year by this joint venture group in the Tucson Market. With Tucson experiencing 14% rent growth, the 3rdhighest rent growth in the nation, the Joint Venture Team is bullish on growing its presence in the 2ndlargest city in Arizona.
“We are thrilled to add Seneca Terrace to our joint portfolio in the quick-growing Tucson market, our 6thacquisition in the Arizona market and 3rd in the Tucson market in the past 12 months. With our first two properties exceeding our expectations, we searched for further expansion in Tucson.” Said Kyle Mitchell, Managing Partner for Limitless Estates. “We look forward to enhancing what this property has to offer for its residents.”
Seneca Terrace is a 109-unit institutional-quality apartment complex built in 2000. Owned and operated by its original developers, Seneca Terrace will be rebranded to The Residences on Seneca and go through significant upgrades to modernize the property. Located in the growing Tucson Area, the property consists 100% of two- and three-bedroom units with over 1,000 sq. feet in each unit. Amenities include a swimming pool, Spa, Picnic Areas with barbeque grills, in unit Washer and Dryers, and Covered Parking.
Together, this team owns and operates more than 1,100 multifamily units worth over $155 million across Texas and Arizona. They are uniquely positioned to lead the optimization and growth of this property.

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DALLAS, TX – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced it has bought Routh Street Flats, a 208-unit apartment community located in Dallas, Texas. The property, to be renamed Bell Katy Trail, was bought on behalf of a separate account venture between Bell Partners and HANSAINVEST Real Assets GmbH, a leading institutional investment firm based in Hamburg, Germany.
Located in the heart of Uptown Dallas, Bell Katy Trail offers residents access to dining, entertainment, shopping, and recreation opportunities. Bell Katy Trail is minutes from the West Village, a premier shopping and dining center, putting residents within walking distance of grocery and retail needs. The property is also near well loved cultural and recreation spots, including the Arts District, Katy Trail and the Turtle Creek Greenbelt. Bell Katy Trail is also a small walk from the McKinney Avenue Trolley, connecting the property to a range of destinations in the city.
Completed in 2015, Bell Katy Trail features a mix of studio, one- and two-bedroom units. Common area amenities include a rooftop terrace with a fire pit and views of the city, an infinity saltwater pool and a fitness center. Apartment interiors include granite surfaces, stainless appliances and full-size washers and dryers.
“As apartment residents increasingly seek well-located housing offering convenient, walkable access to employment, retail and cultural offerings, the acquisition of Bell Katy Trail reflects Bell Partners’ targeted investment in urban submarkets like Uptown,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “With approximately 70,000 units currently under management, including over 7,700 units in Dallas, we will leverage our local experience and extensive operating platform to maximize performance.”
Bell Katy Trail follows the company’s acquisition in August of Bell CityLine, a 435-unit community located in the Dallassuburb of Richardson. In June, Bell Partners bought Lenox Springs and Lenox Meadows in Austin, merging operations with an existing Bell property, Bell Southpark, to form a combined 949-unit multifamily community. The company has completed $4.8 billion in transactions in 2021 and is actively investing in 14 target U.S. markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast.

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