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4/26/22
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The Bascom Group purchased Windwater at Windmill Lakes, a 150-unit community in Houston, marking their fourth acquisition in the southeast Houston submarket over the last 12 months.
Built in 1999, Windwater at Windmill Lakes is very well-maintained with functional, spacious interior floorplans that are ideal for upgrades. The existing amenity space offers sufficient opportunities for enhancement to better serves the needs of existing and future residents. With 100% of the units in original condition, this acquisition presents an attractive opportunity to physically reposition the asset.
Demand for Houston multifamily accelerated dramatically in the second half of 2021. Houston is expected to have the third largest employment growth in the US from 2021-2026 and is expected to have the largest population gain in the US from 2021-2026.
John Carr with Cushman & Wakefield represented the seller in the transaction. Jason Pumpelly, also with C&W, arranged the debt financing, which was provided by Huntington National Bank. SD Cap Construction Management will provide construction management services and Cushman & Wakefield will provide property management. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
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