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12/19/22
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The Bascom Group has acquired Montierra, a 346-unit community in Houston. Built in 2003, Montierra is located at 2345 Sage Rd, in the city’s Uptown/Galleria submarket. The price was not disclosed.
Developed by Sueba USA, known for building high quality luxury multifamily, the property is very well-maintained, offering functional, large interior floorplans with existing construction and design elements that are ideal for upgrades. The amenity spaces offer sufficient opportunities for enhancement to better serve the needs of current and future residents.
Dustin Selzer with JLL represented the seller in the transaction. Cadre, a New York based real estate investment manager, provided the equity capital. This is the second joint venture between Cadre and Bascom this year. The deal marks Bascom’s fifth acquisition in Houston in the past two years.
California Bank & Trust provided the debt financing for the acquisition, which was arranged by Brandon Smith, Annie Rice and Jamie Kline with JLL. SD Cap will provide construction management services and Stonemark will be the property manager. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Demand for multifamily in Houston continues to remain strong along with its overall economy. Effective rents across the Class A market segment increased 6.2% year-over-year through Q3 2022 with the average occupancy settling at 93.1% for stabilized properties. Houston ranks third in affordability compared to the top 30 U.S. metros with a rent-to-income ratio of 18%.
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