A real estate group from Irving, CA has just closed on its fourth Houston acquisition in the last 14 months.
The Bascom Group purchased the 150-unit community located in the southeast Houston submarket for an undisclosed amount, the firm announced Wednesday. Windwater at Windmill Lakes is Bascom’s 39th multifamily property closed in Texas. The deal was reported earlier by Houston Agent Magazine.
Bascom has been on a spending spree lately — particularly in the Sunbelt. The firm has become one of the most active apartment buyers in Las Vegas since its first acquisition in 2013, according to its 2021 release announcing the purchase of a $72 million three-building portfolio in the city.
The company’s last deal in Texas was the purchase of two other Houston-area properties: The Spencer Park Row, which comprises 390 units near Katy in west Houston; and Tranquility Lakeside, which 212 units in the heart of Pearland. That acquisition was in December 2021, almost a year after it picked up the 350-unit Cantera in the luxury master-planned community of Towne Lake in Cypress, TX.
The 150-unit community was built in 1999 and is located in the southeast Houston submarket. Houston is expected to have the largest population gain in the U.S. and the third-largest employment growth from 2021 to 2026, according to the release.
All of the units are in their original condition, according to the release. The acquisition “aligns well with our Texas strategy of acquiring newer vintage assets with minimal deferred maintenance,” said Chang Liu, Acquisitions Director for Bascom.
Bascom said it has completed more than $20.73 billion in multifamily and commercial value-added transactions since 1996, including more than 350 multifamily properties containing over 90,000 units.
“We are excited to acquire a property that offers characteristics, like large floorplans and ample community space, that are desired by today’s renters,” Jason Hanna, senior vice president of operations, said in the statement.
Cushman & Wakefield represented the seller and arranged the debt financing provided by Huntington National Bank.
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