HOUSTON–Sierra at Fall Creek has been purchased by The Bascom Group. The 252-unit apartment community consists of 13 residential buildings and a stand-alone leasing center. The terms of the deal were not disclosed.
Sierra at Fall Creek was built in 2004 on 13 acres. It consists of one-, two- and three-bedroom units. The apartment community sits within the master-planned community of Fall Creek, northeast of Houston.
“Buying a newer asset in a sought-after location that is generating strong current yield, with appreciation potential through capital improvements, is a good deal-profile for us in Houston,” says James D'Argenio, principal for Bascom.
Amenities at the complex include a clubhouse, billiards room, fitness center, pool, spa, as well as a grill and lounge area. The Bascom Group has plans in place for both interior and exterior renovations.
“This section of Houston is insulated from the new construction pipeline,” says Tony Ferrell, director of portfolio operations for the Texas region. “This coupled with our scheduled interior and exterior renovations will allow the asset to continue its solid performance and compete with newer product in the submarket.”
California Bank and Trust provided the debt financing. Brian Eisendrath, of CBRE Capital Markets, arranged the financing.
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