|
|
2/13/15
|
The Timber Links, a 480-unit apartment community in Denton, TX, was acquired by a $250 mil venture by Bascom and funds managed by Oaktree Capital Management L.P. The buyers have an extensive renovation planned for the property that will allow it to compete with other best-in-class assets.
The property, located at 5201 Par Dr, represents the sixth multifamily acquisition for the Bascom/Oaktree Venture. The venture was launched in June 2014 and has made acquisitions in California, Florida, Nevada, Arizona, Georgia, and Texas.
Constructed in 2004, Timber Links consists of 41 buildings on 58.9 acres of land. The unit mix is comprised of 33% one-bedroom units and 67% two-bedroom units.
The property has a nine hole-golf course on-site, providing tenants a desirable amenity package in an expansive, low-density apartment community. Timber Links is well located next to major institutions including The University of North Texas, Texas Women’s University, and the Denton Regional Medical Center.
Since 2000, the population of Denton, a suburb of Dallas/Ft. Worth, has increased by 48%, bringing the total population to approximately 124,000 people and making Denton one of the top 15 fastest growing cities in the United States.
GE Capital Bank provided financing to acquire the property. The debt financing was sourced by John Brownlee and De’on Collins of HFF. Roberto Casas of HFF represented the seller on the transaction. The property will be managed by Entrada Partners.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
