Epstein notes the acquisition of The Retreat at Canyon Springs also represents the third receivership sale the Bathrope/Epstein team has handled recently in San Antonio. “There was a tremendous amount of interest because this is a one-of-a kind, class A asset, and everyone knew it would be a sale because it was in receivership,” he says.

Epstein tells GlobeSt. that Bascom Group beat out 21 other perspective buyers to nab The Retreat at Canyon Springs. “Throughout the process, Bascom Group showed a lot of passion for the asset,” he says, adding that the firm was willing to be flexible with its terms to make the seller comfortable. “From the very beginning, they offered assurance that they would get the deal done.” With this acquisition, Bascom Group now owns 25 properties in the Lone Star State totaling 9,173 units.

Constructed in 2001, The Retreat at Canyon Springs is located at 24245 Wilderness Oak in the exclusive Stone Oak master-planned community. The 4,380-acre community, located in the heart of north central San Antonio, offers some of San Antonio's strongest demographics and high-end living with an average household income exceeding $140,000. It is home to several large employers, corporate headquarters, high-end retail, outdoor entertainment and constant new development.

The Retreat at Canyon Springs is situated on 32.2 acres. The property offers a mix of one, two, three and four-bedroom units ranging from 795 square feet to 1,935 square feet. Rents range from $950 to $2,177 per month.

All units have direct access garages and the majority of the units front the Canyon Springs golf course. Unit interiors feature 9 and 10-foot ceilings, fully-equipped kitchens, crown molding, granite counter tops, large oval Jacuzzi tubs, fireplaces, washer/dryer connections and private balconies or patios.

The property boasts extensive common area amenities including: swimming pools and spa, children's playground, basketball court, tennis courts, a 10,000-square-foot clubhouse with business center, fitness center, movie theater, tanning salon, barbeques, billiard room, putting green and gazebo.

Epstein notes that The Retreat at Canyon Springs had some down units and some deferred maintenance. He estimates the new owner will need to invest roughly $2 million to spruce up the property.

The upside is considerable, however. Epstein notes the property’s occupancy is in the mid to high 80% range – the lowest in the submarket – and the rental rates are roughly 80 cents per square foot – also the lowest in the submarket. “There is drastic upside in economics through increased rental rates and increased occupancy,” he says.

Bascom Group has tapped GreyStone Asset Management to handle onsite property management.