FORT WORTH, TX – Preferred Apartment Communities completed the acquisition of Alleia at Presidio, a 231-Unit Class A multifamily community in Fort Worth, Texas.
Jeff Sherman, the Company s President of Multifamily said, Alleia marks our re-entry into the Dallas-Fort Worth metroplex, which continues to lead the nation in total population growth. Mr. Sherman added, This property checks so many boxes for us; it is surrounded by affluent demographics, is located in a top-rated school district, is less than 5 miles from two hospital systems and is walkable to Presidio Towne Crossing, a destination retail center including a Costco, Target and numerous restaurants and services.
John A. Isakson, Chief Financial Officer commented, Alleia represents another accretive acquisition for our multifamily portfolio from a high-quality developer we have done multiple transactions with previously. We are excited to continue to grow our multifamily portfolio and the Dallas/Ft. Worth market is one of our strategic focuses as it continues to be an attractive market with brilliant demographic, economic and rent growth trends. The ongoing growth in our multifamily portfolio further extends the strategic rotation of capital we have been focusing on for the last 12 months.

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IRVINE, CA – The Bascom Group has closed a 390-unit, three-property portfolio in Las Vegas. The portfolio, consisting of Spectra at 4000, Spectra East, and Spectrum at Katie. Total cost for the portfolio was $72,000,000 or $184,806 per unit. Curt Allsop and Angela Bates with Newmark oversaw the sale. Debt financing was provided by Bridge Investment Group and arranged by Charles Halladay, Jamie Kline, and Annie Rice with JLL Capital Markets. Cushman Wakefield was tapped for property management services and construction management will be provided by Renu Multifamily Services.
Bascom’s Senior Principal of Acquisitions, Scott McClave, stated, “The Spectra Portfolio further bolsters Bascom’s footprint in the Las Vegas market and we are excited about the Metro’s continued robust growth. The city continued to see robust population growth throughout the pandemic as the metro had evolved into a lifestyle destination; and we see its low tax, high entertainment, business friendly environment continuing to thrive in the decade ahead.”
Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, which is experiencing a renaissance driven by the diversifying regional economy. The properties’ proximity to revitalized Downtown Las Vegas allows simple access to retail, entertainment, dining, and major employment centers. Spectrum at Katie is located near UNLVand the renowned Las Vegas Strip. The attractive basis and discount to sales comparables, coupled with favorable financing and value-add opportunity made the acquisition particularly desirable for Bascom and its investors.
Bascom’s Senior Principal of Operations, Paul Diamond, added, “The Las Vegas market has continued to see significant improvement as rents and occupancies strengthen. We feel the portfolio is well positioned to provide the mid-market resident with a freshly upgraded living environment at a reasonable price point.”
Bascom has been one of the most active apartment buyers in Las Vegas since its first acquisition in 2013. Following the 15-property portfolio acquisition from Camden Property Trust in 2016, Bascom became the largest apartment owner in the metro with 29 total properties representing 8,915 units and $1.2B in total capitalization. As of today, Bascom has sold 19 properties representing 5,798 units and over $1.0B in total sales price. Over the past year, Bascom has completed over $705.9M in multifamily transactions across its national portfolio.

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BETHLEHEM, PA – DLP Real Estate Capital, a private financial services and real estate investment firm, announced its acquisition of The Edge at Kutztown, a 184-unit student housing property, located in Kutztown, Pennsylvania. The community, renamed to DLP Kutztown, will offer naturally occurring affordable housing to both students and families living in Kutztown and the Greater Lehigh Valley area. The acquisition of DLP Kutztown continues DLP’s focused mission on positively impacting the current housing affordability crisis affecting families across the nation.
Don Wenner, Founder and CEO of DLP Real Estate Capital commented, “The acquisition of DLP Kutztown adds to our growing portfolio and confirms our belief in the Greater Lehigh Valley, where I was born and raised. By transforming the community to a mix of both student and multifamily units, more hardworking individuals and families will be able to live here at a more affordable price. It’s humbling to be able to make an impact while continuing to deliver remarkable results for our investors.”
Lou Davis, Managing Director of Investments, commented, “DLP Kutztown is a fantastic example of how DLP is making an impact for our residents and investors alike. Our team remains bullish on the Greater Lehigh Valley area and we are committed to adding value in Kutztown through our regional expertise.”
DLP Kutztown was built in 2008 and is conveniently located to nearby Kutztown University, one mile from vibrant downtown Kutztown, and is part of historic and gorgeous Berks County. It is close to major highway routes offering convenient access to regional employment, including KU, Lehigh Valley Health Network, Sposto Interactive, and more. The multifamily property consists of three-bedroom units with amenities that include full appliance and furniture packages, in-unit washer/dryers, clubhouse, patio with grilling area, and more.

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