September 10, 2018
Irvine, CA-based The Bascom Group acquired Jefferson Stonebriar, a newly-built 424-unit Class A multifamily community in Frisco, TX’s Platinum Corridor. The asset was purchased from the developer, JPI, for an undisclosed amount.
Debt financing was arranged by Berkeley Point Capital’s Tip Strickland and Braden Harmon. ARA Newmark’s Brian Murphy and Richard Furr represented the seller, while Bascom’s James D’Argenio and Chang Liu sourced and managed the acquisition for the buyer.
The property consists of three residential buildings spread across nine acres. Community amenities include a clubhouse, fitness center, theater room, resort-style pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.
D’Argenio says, “We have underwritten the apartment deliveries in the near term. 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.”
Jefferson Stonebriar marks Bascom’s 35th multifamily property closed in Texas.
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