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| De'On Collins |
Irvine, CA – The Bascom
Group, LLC acquired a multifamily asset with over 300 units located in the
growing North Austin city of Round Rock. The property offers residents great
access to North Austin’s major employment corridors.
Debt financing was
arranged by De’On Collins, John Brownlee
and Charles Halladay of HFF. Sean Sorrell with HFF represented the
seller in the transaction.
The property consists of
19 residential buildings and one stand-alone leasing center spread across 17
acres.
The unit mix is comprised of 51% one bedroom units, 40% two bedroom
units, and 9% three bedroom units.
Community amenities include a clubhouse,
fitness center, swimming pool, BBQs, picnic areas and a pet park.
With the growth of the
Austin MSA, North Austin continues to expand as “STEM” businesses look for space,
affordability, and quality of life outside the urban core. This northern
expansion and limited supply will continue to strengthen multifamily
fundamentals in North Austin.
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| John Brownlee |
James D’Argenio, Principal for Bascom, comments, “We acquired a well-built, well
located asset benefitting from a great school system and a stable resident
base. Although recently built, the interiors offer an upgrade opportunity when
compared to newer, more expensive apartments.”
Tony Ferrell,
Director of Portfolio Operations for the Texas region adds, “North Austin and
the surrounding markets continue to show strong apartment fundamentals and
household economic statistics relative to other Texas markets.
"The property
along with the neighboring properties are all high 90s occupancy with healthy
resident analytics.”
privately held executive
suite company in the US.
If you would like further
information, please call James D’Argenio at 949-955-0888 Ext. 19 or e-mail at jdargenio@bascomgroup.com
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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