CYPRESS, TX – Bascom Group has continued its Texas shopping spree by acquiring a 350-unit luxury apartment building located in the coveted Master-Planned Towne Lake community in the city of Cypress, Texas. Cantera is Bascom's 36th apartment building in Texas.
Brian Eisendrath, Annie Rice and Samantha Jay of CBRE Capital Markets have provided senior loan financing for Freddie Mac. David Mitchell with Newmark was the broker. James D & # 39; Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Built in 2006, the property consists of 15% one bedroom units, 76% two bedroom units, and 9% three bedroom units with an average size of 1,015 square feet. The property is approximately 13 hectares and includes a total of 605 parking spaces. Communal facilities include a leasing office, two story clubhouse, network center, fitness center, and two swimming pools.
Cantera is located in the Caldwell Companies-developed, Towne Lake-planned community. Towne Lake is the fourth largest lake-view recreational community in the greater Houston area. It has a 300 hectare lake with a coastline of over 22 km and a continuous boat trip of 10 km. Towne Lake offers a variety of recreational attractions, retail stores, and restaurants. The community is also home to the Lone Star College. In 2020, the Houston Business Journal named Towne Lake a Houston Landmark and the Houston Chronicle named Towne Lake "Best Community" in Houston.
James D & # 39; Argenio, Senior Principal at Bascom, added, "We closed more than six billion multi-family deals in Texas last year. We're thrilled to have them closed. Vintage assets with minimal renovation premiums attainable in submarkets New business. "Tony Ferrell, Senior Vice President of Operations, commented," We are delighted to acquire this well-managed property in good condition and in a sub-market with desirable entertainment attractions, world-class public schools and excellent access to the greater Houston area. "
Source: Bascom Group