The Bascom Group, LLC (“Bascom”) has acquired a 204-bed student housing community, Texan 26, next to the University of Texas at Austin. Bascom acquired the multifamily property in an off-market transaction. The acquisition continues Bascom’s prolific acquisition run in Texas and marks the 41st multifamily property acquired in that state.
Tyler Marshall and Richard Waterhouse with Matthews Real Estate Investment Services represented the seller in the transaction. Bridge Investment Group provided the debt financing for the acquisition and was arranged by Trent Houchin, Ben Roelke and Ian Walker with Newmark. Asset Living will be the property manager and SD-Cap will be the construction manager. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Developed in 2014 within a ½ mile of campus, Texan 26 is a boutique student-housing community that offers residents practical amenities, ample secured parking, and convenient access to campus. The property is well-maintained, offering oversized interior floorplans with existing construction and design elements that are ideal for enhancements.
Founded in 1883, UT at Austin is one of the largest universities in the country with over 52,000 students enrolled as of Fall 2022. It is one of the top 10 public universities in the nation, according to U.S. News and World Report. In 2022, UT Austin witnessed its largest-ever freshman enrollment class. University housing is nearly 100% occupied and privately-owned housing is over 96% occupied.
James D’Argenio, Senior Principal of Acquisitions for Bascom, states “We are excited to acquire a property in such a vibrant student-housing market. With sizable institutional development activity in West Campus, Texan 26 offers students affordable housing options with all the neighborhood benefits.” Tony Ferrell, Senior Principal of Operations, comments “We believe physically enhancing Texan 26 will improve the value-proposition to renters seeking high quality, affordable rental housing walking distance to campus.”
Despite the challenges of increasing interest rates and greatly reduced bank lending, Bascom also recently acquired Avenida Lakewood, a 230-unit Active Adult (55+) apartment community located at 11001 West 15th Place in Lakewood, Colorado.
