Bascom Adds 398 Units to Repositioning Stack

DALLAS-In back-to-back closings, the Bascom Group has set up two value-add plays in Irving and Dallas. The dynamics of the double run translate into an $18-million all-in investment, plus or minus, for acquisition and renovation.

The Irvine, CA-based investment group and equity backer Pacific Coast Capital Partners LLC of Los Angeles have scooped up the 206-unit Oak Tree Apartments at 2877 W. Walnut Hill Lane in Irving and 192-unit Charleston Apartments at 5616 Spring Valley Rd. in North Dallas. Both complexes will be re-branded with new names as part of their three-year repositioning plans.

Bascom’s Texas shop often buys in bulk, but the locations were the selling points for the pair of one-offs. The 78%-leased Oak Tree is situated at the edge of Las Colinas and less than two miles from Dallas/Fort Worth International Airport. The 88%-leased Charleston is less than one mile from the Galleria. “We got some great buys and we want to leverage the value-add to drive rents,” James Dargenio, the buyer’s senior analyst in Dallas, tells GlobeSt.com.