GRAND PRAIRIE—Irvine, CA-based The Bascom Group LLC has acquired Towns of Riverside, a 436-unit multifamily community in Grand Prairie.
Brian Murphy and Brian O'Boyle Jr. of ARA Newmark represented the seller in the transaction.
Built in 1999, the property consists of 59 residential buildings and one stand-alone leasing center is spread across 54 acres. The unit mix is comprised of 52 percent one-bedroom units, 40 percent two-bedroom units, and 8 percent three-bedroom units; 39 percent of the 436 units provide direct access garages and 28 percent are townhome-style apartment homes, offering a diverse set of floor plans for young professionals, singles, and families.
Community amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court basketball court, and fishing pier overlooking the community lake.
“We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements,” James D'Argenio, principal for Bascom, told GlobeSt.com. “Hopefully we can buy a few more like this before the year ends.”
“Grand Prairie and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other Dallas/Fort Worth submarkets,” Tony Ferrell, director of portfolio operations for the Texas region, said. “Towns along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”
Debt financing was arranged by Jamie Leachman of Newmark Grubb Knight Frank.
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