McKINNEY, TX—Just 30 miles north of Dallas, McKinney is home to numerous industries and is growing steadily by the day. In an area that is known for newer rental product to support the growing population, a nearly 10-year-old multifamily property that catches the attention of a buyer is something of note.
That was the case when The Bascom Group LLC recently acquired the 260-unit Orchid Apartments for $20.4 million or $78,461 per unit. Built in 1997, the property at 2700 N. Brook Dr. consists of 24 two-story residential buildings and a stand-alone leasing center across 20 acres. The seller was also the original developer.
The unit mix is comprised of 25% one-bedroom units and 75% two-bedroom units averaging 873 square feet. Amenities include a clubhouse, small fitness center, pool, tennis court and green space.
The transaction was brokered by Sperry Van Ness. Debt financing from EastWest Bank was arranged by John Brownlee and De'On Collins of HFF. James D'Argenio sourced and managed the acquisition for Bascom.
D'Argenio tells GlobeSt.com: “The property was maintained extremely well by the seller, who was the original developer. We can focus on value-add capital improvements that will allow the asset to compete with newer, rental product in McKinney.”
McKinney is home to more than 11,000 firms across a diverse array of industries including medical, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation. It is a fast-growing city with a population of nearly 162,000 as of January 2016. Home to one of the state's largest historic districts, multiple parks and highly ranked schools, McKinney has a small-town feel, according to the Convention and Visitors Bureau.
Jason Hanna, senior vice president of Bascom portfolio operations for the Texas region adds, “McKinney's multifamily fundamentals are strong and we are excited to initiate a renovation program that will reflect the needs of the rental community.”
The Bascom Group LLC is a private equity firm specializing in value-added multifamily, commercial and non-performing loans, along with real estate-related investments and operating companies. Bascom has completed more than $11.7 billion in multifamily and commercial value-added transactions since 1996 including more than 292 multifamily properties of more than 78,000 units.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
McKINNEY, TX—Just 30 miles north of Dallas, McKinney is home to numerous industries and is growing steadily by the day. In an area that is known for newer rental product to support the growing population, a nearly 10-year-old multifamily property that catches the attention of a buyer is something of note.
That was the case when The Bascom Group LLC recently acquired the 260-unit Orchid Apartments for $20.4 million or $78,461 per unit. Built in 1997, the property at 2700 N. Brook Dr. consists of 24 two-story residential buildings and a stand-alone leasing center across 20 acres. The seller was also the original developer.
The unit mix is comprised of 25% one-bedroom units and 75% two-bedroom units averaging 873 square feet. Amenities include a clubhouse, small fitness center, pool, tennis court and green space.
The transaction was brokered by Sperry Van Ness. Debt financing from EastWest Bank was arranged by John Brownlee and De'On Collins of HFF. James D'Argenio sourced and managed the acquisition for Bascom.
D'Argenio tells GlobeSt.com: “The property was maintained extremely well by the seller, who was the original developer. We can focus on value-add capital improvements that will allow the asset to compete with newer, rental product in McKinney.”
McKinney is home to more than 11,000 firms across a diverse array of industries including medical, technology, data management, manufacturing, sustainability, aviation, defense, retail, office and transportation. It is a fast-growing city with a population of nearly 162,000 as of January 2016. Home to one of the state's largest historic districts, multiple parks and highly ranked schools, McKinney has a small-town feel, according to the Convention and Visitors Bureau.
Jason Hanna, senior vice president of Bascom portfolio operations for the Texas region adds, “McKinney's multifamily fundamentals are strong and we are excited to initiate a renovation program that will reflect the needs of the rental community.”
The Bascom Group LLC is a private equity firm specializing in value-added multifamily, commercial and non-performing loans, along with real estate-related investments and operating companies. Bascom has completed more than $11.7 billion in multifamily and commercial value-added transactions since 1996 including more than 292 multifamily properties of more than 78,000 units.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
