1/29/2008

Bascom/Pacific Coast JV purchases five-property Texas portfolio

by

Astoria Apartments

A joint venture between Pacific Coast Capital Partners and The Bascom Group, LLC has purchased a portfolio of five multi-family properties in Texas for a combined equity investment of $20 million.

Ryan Akins, James Dargenio and Jerry Hess of Bascom's Dallas office worked with Pacific Coast to handle the in-house negotiations.

Details of the transactions are as follows:
- The Astoria Apartments at 5636 Spring Valley Rd., Dallas, Texas. The apartments were purchased from a California investment group and a local Texas operator. The 169-unit complex was built in 1978 and is situated on 6.63 acres. It is comprised of 15 two-story buildings.
- The Charleston Apartments at 5616 Spring Valley Rd., Dallas, Texas. The apartments were acquired from a joint venture between TriVest Residential and AIG. Built in 1978, the 192-unit apartment community is comprised of 16 buildings on 7.5 acres. It contains a unit mix of 112 one-bedroom and 80 two-bedroom units.
- The Equestrian Pointe Apartments at 8500 Harwood Rd., North Richland Hills, Texas. The venture purchased Equestrian Pointe from Chicago, Ill.-based PPM America. The 836-unit building was constructed in 1983 and renovated in 2005. It is comprised of 81 buildings on 43 acres with a unit mix of 331 one-bedroom, 472 two-bedroom and 33 three-bedroom units.
- The Chestnut Park Apartments at 505 Cypress Station Drive, Houston, Texas. The 484-unit apartment community consists of 50 two-story buildings on 20.5 acres. Built in 1977, it contains a unit mix of 228 one-bedroom, 200 two-bedroom and 56 three-bedroom units.
- The Oak Tree Apartments at 2877 W. Walnut Hill Lane, Irving, Texas. The 206-unit complex was sold by Miami, Fla.-based Fifteen Group. It was built in 1972 and consists of 20 buildings on 11.2 acres. It contains a unit mix of 60 one-bedroom, 90 two-bedroom and 56 three-bedroom units.

Size: 1,887 units

Built: 1978, 1983, 1977, 1972

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Filed Under: Multi-Family

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