Friday, February 20, 2015
Bascom/Oaktree Venture Buys Denton Apts
DENTON, Tex.--The Timber Links, a 480-unit apartment community located in Denton, has been acquired by the Irvine, Calif.-based The Bascom Group LLC and Los Angeles-based Oaktree Capital Management LP’s $250-million venture. The sale closed on January 30.
GE Capital Bank provided financing to acquire the property. The debt financing was sourced by John Brownlee and De’on Collins of HFF and Roberto Casas of HFF represented the seller on the transaction.
“We feel good about our cost basis for a 2004 vintage asset in a growing submarket,” James D. D'Argenio, principal at The Bascom Group, told GlobeSt.com. “We also see the underlying value in the 80 acres underneath the apartments and [nine-hole] golf course that came with the sale.”
The sixth multifamily acquisition for the Bascom/Oaktree Venture, the property will be managed by Entrada Partners. The Venture was launched in June 2014 and has made acquisitions in California, Florida, Nevada, Arizona, Georgia and Texas.
Built in 2004, Timber Links consists of 41 buildings on 58.9 acres of land. The asset is comprised of 33 percent one-bedroom units and 67 percent two-bedroom units. Timber Links is nearby The University of North Texas, Texas Women’s University and the Denton Regional Medical Center.
“Timber Links is a high-quality community…We have a renovation planned for the property that will allow it to compete with other best-in-class assets,” says Tony Ferrell, director of portfolio operations for Bascom.
Anna Caplan, Globest.com