Bascom Group Lands Refinancing Deal For Houston Apartments

The Bascom Group’s refinancing deal for its suburban Houston apartment complex includes money for renovations at the property built in 2008.

The Irvine, California-based firm secured a $52 million cash-out refinance for Cantera at Towne Lake, according to a release from Newmark, which put together the deal. The loan includes $4.4 million earmarked for a fresh round of renovations at the property built in 2008. Newmark’s Vince Punzi and Lowell Takahashi arranged the financing.

The 366-unit property, at 17807 Lakecrest View Drive, offers one-, two- and three-bedroom units, plus a gym and two pools. Currently, rents start at $1,400 for the property’s one-bedroom units, $1,485 for two-bedroom units and $2,005 for three-bedroom units. The property is offering concessions in the form of a free month of rent and reduced rates on two-bedroom units.

Renovations will allow Bascom Group to increase rents, Newmark said in the release. That plan squares with Texas multifamily experts’ predictions that rent growth will turn positive in 2027, once cities absorb apartment units in the pipeline.

Houston’s multifamily market had about 15,000 units under construction at the end of the first quarter of 2026, according to a report from Greater Houston Partnership, using data from CoStar. Austin has 21,000 units, and Dallas-Fort Worth has 37,000 units on the way.

Houston’s occupancy rate at the end of the first quarter was 87.6 percent, a slight decrease from a year before when it was 88.5 percent. Overall average asking rent also ticked down from $1,379 to $1,367 between the first quarter of 2025 and the first quarter of 2026.

Cantera at Towne Lake is in Towne Lake, a master-planned community built around a 300-acre private lake in the northwest Houston suburb of Cypress. It’s about 30 miles from Downtown Houston.