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446-Unit Cameron Creek Closes Out $100M Pool

FORT WORTH-Bascom and Cross Atlantic deplete the pool by buying an 89%-leased complex assessed at $17.75 million. Coming next is a $3-million rehab of unit interiors.

By Connie Gore | Updated on July 14, 2008

FORT WORTH-Bascom Group LLC and Austin-based Cross Atlantic Investors have closed out a $100-million buying pool, picking up the 446-unit Cameron Creek in West Fort Worth as the last asset for the portfolio. The 37-building complex, labeled as a true value-add buy, is assessed at $17.75 million by Tarrant County.

Cameron Creek, situated on 20 acres at 5209 Bryant Irvin Rd., was 89% leased when Dallas-based Trivest Residential sold it. “Because Trivest did a good job of maintaining it, the majority of rehab dollars is going to value-add upgrades,” says James D. D’Argenio, acquisitions manager in Texas for Irvine-based Bascom. He tells GlobeSt.com that roughly $3 million or $6,900 per unit has been earmarked to renovate unit interiors.

D’Argenio says the value-add plan is projected to yield an extra $70 per unit per month when the work’s done on the 22-year-old complex, with the goal to bump it to a class A-minus status. Monthly rents now average $655 for the mix of one-, two- and three-bedroom apartments, ranging from 698 sf to 1,495 sf. In comparison, D’Argenio says its class A neighbors’ average per unit rent is $790 per month.

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