(Read more on the multifamily market.)

DALLAS-The Bascom Group and equity partner Cross Atlantic Investors of Austin have acquired the 474-unit Prestonwood Springs apartments through a new fund that the two have established to buy $100 million worth of deals. The partnership’s first asset is a complex of 38 two-story buildings, on just under 16 acres at 5930 Arapaho Rd., that the new owners plan to upgrade in a classic Bascom value-added play.

“It’s a B asset in an A location,” Bascom regional director Ryan Akins says of the Prestonwood Springs property. Terms of the sale were undisclosed, but Akins tells GlobeSt.com that the Bascom-Cross Atlantic partnership plans to spend about $11,000 per unit to upgrade the apartment complex, which it acquired from a partnership of locally based Westdale and GE Capital.

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