IRVINE, CA – Bascom Group has bought Jefferson Stonebriar, a newly built 424-unit Class A multifamily community located in the high-growth city of Frisco, Texas. Bascom bought the property from the developer, JPI.  The buy price was confidential.  Debt financing was arranged by Tip Strickland and Braden Harmon of Berkeley Point Capital. Brian Murphy and Richard Furr of ARA represented the seller in the sale.  James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

The property consists of three residential buildings spread across nine acres. The unit mix is comprised of 69% one bedroom units, 25% two bedroom units, and 6% three bedroom units. Community amenities include a clubhouse, fitness center, theater room, resort-style pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.

Situated in the high growth zone known as the Platinum Corridor, Frisco has seen unbelievable population and economic expansion, with the population increasing 30% over the past five years and projected to increase another 25% over the same period. At the center of the Platinum Corridor and just 2.9 miles from Jefferson Stonebriar is Legacy and Granite business parks, home to 82,000 employees, residents and major corporations including FedEx, Capital One, Frito-Lay and Liberty Mutual. Frisco continues its relentless expansion with three commercial projects totaling $3.4 billion under construction, including the Star at Frisco, Frisco Station and the Gate. 

Jason Hanna, Senior Vice President of Operations, comments “We bought a best-in-class asset in a market with outsized economic growth, blue-chip schools, and brilliant demographics.” James D’Argenio, Senior Principal for Bascom, adds “We have underwritten the apartment deliveries in the near term. Over the long-term, we believe the driving forces behind Frisco’s success will strengthen and allow for meaningful property-level revenue growth without renovation risk.”

Jefferson Stonebriar marks Bascom’s 35th multifamily property closed in Texas. Over the past twelve months, Bascom has completed over $1.2 billion in multifamily transactions throughout the United States. Since 1996, Bascom and its affiliates have bought 3232 multifamily properties throughout the United States, totaling more than 84,000 units. Bascom currently holds 18,305 units in its portfolio.

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TAMPA, FL – Inland Real Estate Acquisitions announced that it negotiated and closed the buy of Laurel Oaks Apartments, a 192-unit multifamily property located in Tampa, Florida. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, completed the deal, with help from Brett Smith, vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.

Located at 8781 Orange Leaf Court, the property underwent interior and exterior renovations in 2016 and 2017. The property consists of 24 two-tale buildings with 20 one-bedroom, 152 two-bedroom and 20 three-bedroom units. Laurel Oaks Apartments also features a recently renovated clubhouse and new playground area, a fitness center, swimming pool, pet park, sun deck, lighted tennis courts, a sand volleyball court and a grilling area.

“Laurel Oaks Apartments was an attractive acquisition opportunity because of the need it fills for the community of more than 162,000 residents within a five-mile radius,” said Tice. “Offering modest rental rates compared to the surrounding apartment communities, the property’s value-add upgrades and sought-after community amenities offer an affordable workforce housing solution for the variety of employees in the area. Located on the northeast side of Tampa, Laurel Oaks Apartments is situated in a nice community approximately 10 minutes from the University of South Florida, Florida Hospital, Moffitt Cancer Center and Seminole Hard Rock Hotel & Casino.”

As of August 6, 2018, the property was 95 percent occupied.

To date, Inland Real Estate Acquisitions, LLC has facilitated more than $46 billion of buys including single-tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.

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HOUSTON, TX – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware statutory trust offerings, announced its acquisition of a newly-constructed, 10,000-square-foot memory care facility located in the Houston suburb of Spring, Texas.

The Class A facility has 16 beds and was completed in June 2018. The property is leased for 15 years on an absolute net basis to Village Green Alzheimer’s Care Home with a personal guarantee from the owners of the practice for the entire term of the lease.

“This memory care facility was bought in an all-cash transaction for a Delaware statutory trust offering, providing investors with the opportunity to own the real estate without any mortgage debt,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “Additionally, because Texas does not have an income tax, investors in the DST will not pay any state income taxes.”

Located at the intersection of Spring Cypress Road and Champion Forest Drive, Village Green Alzheimer’s Care Home includes 16 private suites, designed to make a home-like setting that promotes a higher quality of life. The property was constructed to provide greater security for residents and deliver specialized care, tailored to each resident, and permits residents to age in place.

Rogers added, “Village Green Alzheimer’s Care Home is well-located near several dense residential developments in Greater Houston, the fifth largest metropolitan area in the country. The property’s strong location coupled with the current growing demand for helped living and memory care facilities in the country position it as an opportunity for capital appreciation and a valuable addition to our national real estate portfolio.”

Village Green Alzheimer’s Care Home specializes in the care of seniors who have Alzheimer’s, dementia and other memory impairments. The facility was constructed with secure exterior doorways, increased space for activities inside and outside the community, as well as a courtyard and independent areas. Additional community amenities include security, a 24-hour staff, wheelchair accessible showers, swimming pool, hot tub and more.

Houston is home to approximately 6.89 million residents and ranks as the 6th lowest cost of living among the twenty largest US metropolitan areas.

Capital Square was represented in its acquisition of the property by Matt Bear, founder and chief executive officer of Bear Real Estate Advisors. Rogers said, “Capital Square want to thank Matt and Bear Real Estate Advisors for sourcing another high-quality, newly-constructed medical property that closed in record time without any issues.”

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