Bascom acquired Jefferson Stonebriar, a newly built 424-unit class-A multifamily community in Frisco from the developer, JPI, and the area has recorded record-setting population and economic expansion.
FRISCO, TX—Frisco has recorded record-setting population and economic expansion, with the population increasing 30% during the past five years and projected to increase another 25% during the same period.
Recently, the Bascom Group LLC acquired Jefferson Stonebriar, a newly built 424-unit class-A multifamily community located in this high-growth city. Bascom acquired the property from the developer, JPI.
The purchase price was undisclosed. Debt financing was arranged by Tip Strickland and Braden Harmon of Berkeley Point Capital. Brian Murphy and Richard Furr of ARA represented the seller in the sale. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom. Show Full Story
The property consists of three residential buildings spread across 9 acres. The unit mix is comprised of 69% one-bedroom units, 25% two-bedroom units and 6% three bedroom units. Community amenities include a clubhouse, fitness center, theater room, pool, conference room, pet park, picnic area with outdoor fireplace and concierge services.
“We have underwritten the apartment deliveries in the near term,” says James D’Argenio, senior principal for Bascom. “Over the long-term, we believe the driving forces behind Frisco’s success will strengthen and allow for meaningful property-level revenue growth without renovation risk.”
The property is situated in the high-growth zone known as the Platinum Corridor. At the center of the Platinum Corridor and just 2.9 miles from Jefferson Stonebriar are Legacy and Granite business parks, home to 82,000 employees, residents and major corporations including FedEx, Capital One, Frito-Lay and Liberty Mutual.
Frisco continues its relentless expansion with three commercial projects totaling $3.4 billion under construction, including the Star at Frisco, Frisco Station and the Gate.
“We acquired a best-in-class asset in a market with outsized economic growth, blue-chip schools and excellent demographics,” says Jason Hanna, senior vice president of operations.