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DALLAS-Within three months of opening a Texas office, the Bascom Group LLC has acquired 1,114 units in same-day closings for three foreclosed properties in Dallas. The value-add plays, listed for a combined $26.4 million, will now undergo top-to-bottom rehabs to re-tenant the half-filled assets.

Ryan Akins, Bascom’s regional director in Texas, tells GlobeSt.com that the foreclosed class B complexes were bought in two unrelated transactions, but bundled into one financing package with Gramercy Capital Corp. of New York City. The Bascom team, which included principal Jerry Fink and business development manager Chad Sanderson in the Irvine, CA headquarters, swept “best and final” rounds for the 650-unit Enfield and Stoney Creek apartments at 11330 and 11333 Amanda Lane, respectively, and 464-unit Myrtle Cove Apartments at 9760 Scyene Rd.

The Enfield/Stoney Creek properties were listed by Armand Charbonneau and Mark Freeman with Transwestern Commercial Services’ Dallas office for LNR Partners Inc. of Miami. Myrtle Cove, listed with Dirk Goris with CB Richard Ellis Inc. in Dallas, was sold by the Fairfield, CT-based GE Capital.

“It got very competitive,” Akins says. “We got aggressive with both our terms and pricing and got the deals.” The buyer made the LNR close with a 25-day look and 30-day close and gave GE Capital with a 30-day look and 30-day close, but put the deal to bed early to set up same-day closings for anticipated holds of two to four years, he says.

Sister properties Enfield and Stoney Creek were 50% leased at sale time while Myrtle Cove was 40% occupied, according to Akins. “Both are offering enormous concessions at this time,” he says, adding locally based Greystar Management Co. has been hired to oversee the repositioning plays and inside-out overhauls.

Both properties were developed with one- and two-bedroom units. Enfield/Stoney Creek’s average unit is 740 sf that rent for $589 per month. Myrtle Cove units average 755 sf, with the monthly tab set at $535.

Bascom, promising a fast-paced move to build a portfolio, hit Texas in mid-August with $500 million to fund its play. “These are our first two deals in Dallas,” Akins says, “and we look forward to building an enormous portfolio in Texas.” Right now, he says he’s under contract or negotiating to buy another 4,000 apartments in Dallas/Fort Worth and Houston. If all goes as planned, the next deal will close in early December.

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