(Read more on the multifamily market.)
DALLAS-The Bascom Group and equity partner Cross AtlanticInvestors of Austin have acquired the 474-unit Prestonwood Springsapartments through a new fund that the two have established to buy$100 million worth of deals. The partnership's first asset is acomplex of 38 two-story buildings, on just under 16 acres at 5930Arapaho Rd., that the new owners plan to upgrade in a classicBascom value-added play.
"It's a B asset in an A location," Bascom regional director RyanAkins says of the Prestonwood Springs property. Terms of the salewere undisclosed, but Akins tells GlobeSt.com that the Bascom-CrossAtlantic partnership plans to spend about $11,000 per unit toupgrade the apartment complex, which it acquired from a partnershipof locally based Westdale and GE Capital.
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