Bascom Group Acquires a Distressed 360-Unit Luxury Class A Apartment Community in San Antonio, Texas in Receivership

IRVINE, Calif., Aug. 31 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired The Retreat at Canyon Springs Apartments, a 360-unit luxury Class A property constructed in 2001. The sale closed on August 26, 2010. The apartment community is located in the exclusive Stone Oak subdivision of San Antonio, Texas. The property was purchased through a receivership sale and debt financing was provided by Midland Loan Services. The purchase expanded Bascom's Texas acquisitions to 25 properties totaling 9,173 units. Bascom purchased Retreat at Canyon Springs from the receiver with Ryan Epstein from Marcus and Millichap representing both parties. The acquisition for Bascom was managed by Jeffrey Fuller and Han Jang and the onsite property management will be assigned to GreyStone Asset Management.

The Retreat at Canyon Springs is spread over 32.21 acres and consists of primarily large 2, 3, and 4-bedroom units with an average unit size of 1,335 sf. All units have direct access garages and the majority of the units front the Canyon Springs golf course. The property was constructed in 2001 and has extensive common area amenities including: swimming pools and spa, children's playground, basketball court, tennis courts, 10,000 sf clubhouse with business center, fitness center, movie theater, tanning salon, barbeques, billiard room, putting green and gazebo. Unit interiors feature 9 and 10-foot ceilings, large floorplans fully equipped kitchens, crown molding, granite counter tops, large oval Jacuzzi tubs, fireplaces, washer/dryer connections in all units and private balconies or patios.

Photo: http://www.ereleases.com/pic/2010-Retreat.jpg

In addition to a complete amenity package and quality interiors, Retreat is located in Stone Oak, the premier submarket of San Antonio. Located in the heart of North Central San Antonio, Stone Oak is a 4,380-acre master-planned community known for its high-end living and rapid growth. Situated near the confluence of Loop 1604 and Highway 281 (225,000+ vehicles daily) in north central San Antonio, the area is home to several large employers, corporate headquarters, high-end retail, outdoor entertainment and constant new development. Stone Oak is known to have some of San Antonio's strongest demographics and high-end living with an average household income exceeding $140,000.

About The Bascom Group, LLC:

Bascom (http://www.bascomgroup.com) is a private equity firm headquartered in Irvine, California, specializing in value-added multifamily real estate investments. Bascom sources value-added apartment properties and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. To date, Bascom has completed transactions totaling over $6.0 billion. Bascom has been an active buyer of value-added and distressed multifamily properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas, acquiring nearly 53,000 units distributed amongst 200 properties to date. Bascom, through its joint ventures with the Southern California Industrial Fund LLC, and Real Group, has acquired more than 2.0 million square feet of commercial properties nationwide.

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SOURCE The Bascom Group, LLC