HOUSTON–Sierra at Fall Creek has been purchasedby The Bascom Group. The 252-unit apartmentcommunity consists of 13 residential buildings and a stand-aloneleasing center. The terms of the deal were not disclosed.

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Sierra at Fall Creek was built in 2004 on 13 acres. It consistsof one-, two- and three-bedroom units. The apartment community sitswithin the master-planned community of Fall Creek, northeast ofHouston.

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“Buying a newer asset in a sought-after location that isgenerating strong current yield, with appreciation potentialthrough capital improvements, is a good deal-profile for us inHouston,” says James D'Argenio, principal forBascom.

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Amenities at the complex include a clubhouse, billiards room,fitness center, pool, spa, as well as a grill and lounge area. TheBascom Group has plans in place for both interior and exteriorrenovations.

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“This section of Houston is insulated from the newconstruction pipeline,” says Tony Ferrell,director of portfolio operations for the Texas region. “Thiscoupled with our scheduled interior and exterior renovations willallow the asset to continue its solid performance and compete withnewer product in the submarket.”

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California Bank and Trust provided the debtfinancing. Brian Eisendrath, of CBRE CapitalMarkets, arranged the financing.

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