CYPRESS, TX – The Bascom Group has continued their acquisition spree in Texas acquiring a 350-unit luxury multifamily property located in the highly desirable master-plotted community of Towne Lake in the city of Cypress, Texas. Cantera marks Bascom’s 36th multifamily property closed in Texas.
Brian Eisendrath, Annie Rice, and Samantha Jay with CBRE Capital Markets sourced the Freddie Mac senior loan debt financing. David Mitchell with Newmark was the broker. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The property, constructed in 2006, contains a unit mix comprised of 15% one-bedroom, 76% two-bedroom units and 9% three-bedroom units averaging 1,015 square feet. The land size is approximately 13 acres and includes a total of 605 parking spaces. Community amenities include a leasing office, two-tale clubhouse, networking center, fitness center, and two swimming pools.
Cantera is in the Towne Lake master-plotted community developed by Caldwell Companies. Towne Lake is the 4th largest recreational lakeview community in the greater Houston Area, featuring a 300-acre lake with over 14 miles of shoreline and a 6-mile continuous boat ride. Towne Lake offers a variety of community recreational attractions, retail and dining options. The community is also the home of Lone Star College. In 2020, the Houston Business Journal named Towne Lake a Landmark in Houston and the Houston Chronicle named Towne Lake the “Best Community” in Houston.
James D’Argenio, Senior Principal for Bascom, adds, “We underwrote over six billion in multifamily deals last year in Texas, so we’re really pleased to get this closed. This acquisition aligns with our investment thesis in Texas of acquiring newer-vintage assets with achievable renovation premiums located in submarkets with minimal new-supply exposure.” Tony Ferrell, Senior Vice President of Operations, comments “We are excited to buy this well-run asset in excellent condition and in a submarket with desirable entertainment attractions, premier public schools, and brilliant access to the greater Houston area.”

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LOS ANGELES, CA – Walker & Dunlop, Inc. announced that it arranged bridge financing in the amount of $138,000,000 for the construction of The Rise Hollywood, a 369-unit 7-tale mid-rise apartment project in Los Angeles, California.
Located the heart of Hollywood’s Entertainment District, the property features a highly walkable location, boasting immediate access to Hollywood’s ample lifestyle amenities, a multitude of employers, and approximately 3.8 million square feet of Class A office space, with an additional 950,000 square feet under construction. The property is directly across the street from Academy Square, 350,000 square feet of Class A office space that is 100 percent leased to Netflix.
The bridge financing was arranged by Eric McGlynn, Managing Director within Walker & Dunlop’s Capital Markets group. Leveraging their expansive network of capital partners, Mr. McGlynn’s team identified Square Mile Capital Management, LLC as the ideal lender for the project. The floating-rate loan includes a four-year term and served to refinance an existing construction loan.
Mr. McGlynn and his team have been focused on structuring nonrecourse bridge loans, construction loans, and equity for larger projects nationwide. Walker & Dunlop has one of the strongest networks in the industry, having arranged financing with over 250 capital sources in 2020 alone. In that same period, the firm completed $11.0 billion of brokered loan originations.
Said Mr. McGlynn, “Rescore has built another first-rate, modern project and we are pleased to have secured another fantastic loan from Square Mile amidst a very competitive lending environment.” Square Mile also provided an $82 million loan to Rescore for their Rise Flagler Village property in Fort Lauderdale, Florida last October.
The Rise Hollywood is situated on a on a 2.15-acre site and will comprise five seven-tale buildings surrounding an amenity deck. Once complete in spring 2021, the elevated recreation deck will include an expansive pool and spa, fire pits, barbecue areas, a rooftop deck with an outdoor movie screen, and modern, open-concept floor plans. Unit sizes average 758 square feet and offer a variety of floor plans ranging from studios to two bedrooms. Each of the luxury apartments will feature nine-foot ceilings, balconies with glass railings, kitchens with stainless steel appliances, quartz countertops and tile backsplashes, plank and porcelain tile flooring, central air and in-unit washer and dryers.
The project is owned, and was developed by, Rescore Property Corp. Rescore is a private REIT managed by Encore Capital Management, manager of three fund vehicles with over $3 billion in assets under management and whose principals are Art Falcone and Tony Avila. Encore, based in Boca Raton, Florida, has 20,000 residential units under ownership and/or development.

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ROHNERT PARK, CA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has bought Windsor at Redwood Creek, a 232-unit apartment community located in Rohnert Park, California. The property, bought on behalf of the firm’s Fund VII investors, will be renamed Bell Rohnert Park.
The acquisition represents Bell Partners’ second owned community in the Bay Area and second West Coast acquisition of 2021, continuing the firm’s expansion in the region. Including Bell Rohnert Park, Bell Partners owns and/or manages over 1,600 apartment units across eight properties in West Coast markets including the Bay Area, Los Angeles and Seattle.
Built in 2005, Bell Rohnert Park is situated in the Sonoma County wine region and close to cultural and employment centers in the Bay Area, including San Francisco, Oakland and Silicon Valley. The community is located on the west side of Rohnert Park, a small walking distance to a neighborhood of large retailers such as Target, FoodMaxx and PetSmart, as well as a host of local restaurants and entertainment options.
Sonoma County offers Bell Rohnert Park residents a diverse scenic landscape stretching from the vineyards of Sonoma Valley to the Redwood Forests and the Pacific Ocean, providing a variety of outdoor recreation options with its 50 regional parks, 11 state parks, hundreds of miles of hiking trails and over 62,000 acres of vineyards including more than 400 wineries.
“Bell Rohnert Park is an brilliant addition to our growing West Coast portfolio, which fills the increased demand from some renters in major metros to reside in high quality suburban areas,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “We look forward to improving the property via a targeted capital expenditure program focused on common area amenities and apartment interiors, which should make a better living experience for current and future residents.”
Spread across 12.3 acres, the community features a resort-style swimming pool and spa with a poolside dining area and gas grills, a clubhouse, fitness center, resident lounge, playground, dog park and detached garages. Each unit has a fully equipped kitchen with stainless steel appliances, washer and dryer in all units, walk-in closets, a private balcony or a patio. Select units have fireplaces. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
Bell Rohnert Park has also earned Green Globes® Multifamily for Existing Buildings Certification.

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