Jefferson Stonebriar is a newly built 424-unit class-A multifamily community.
FRISCO, TX—Frisco has recorded record-setting population and economic expansion, with the population increasing 30% during the past five years and projected to increase another 25% during the same period. Recently, the Bascom Group LLC acquired Jefferson Stonebriar, a newly built 424-unit class-A multifamily community located in this high-growth city. Bascom acquired the property from the developer, JPI.
The purchase price was undisclosed. Debt financing was arranged by Tip Strickland and Braden Harmon of Berkeley Point Capital. Brian Murphy and Richard Furr of ARA represented the seller in the sale. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The property consists of three residential buildings spread across 9 acres. The unit mix is comprised of 69% one-bedroom units, 25% two-bedroom units and 6% three bedroom units. Community amenities include a clubhouse, fitness center, theater room, pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.
“We have underwritten the apartment deliveries in the near term,” says James D'Argenio, senior principal for Bascom. “Over the long-term, we believe the driving forces behind Frisco's success will strengthen and allow for meaningful property-level revenue growth without renovation risk.”
The property is situated in the high-growth zone known as the Platinum Corridor. At the center of the Platinum Corridor and just 2.9 miles from Jefferson Stonebriar are Legacy and Granite business parks, home to 82,000 employees, residents and major corporations including FedEx, Capital One, Frito-Lay and Liberty Mutual. Frisco continues its relentless expansion with three commercial projects totaling $3.4 billion under construction, including the Star at Frisco, Frisco Station and the Gate.
“We acquired a best-in-class asset in a market with outsized economic growth, blue-chip schools and excellent demographics,” says Jason Hanna, senior vice president of operations.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
