McKINNEY – Bascom Group LLC recently purchased the Orchid Apartments for $20.4 million, or $78,461 per unit.
Built in 1997, the 260-unit property at 2700 N. Brook Dr. consists of 24 two-story buildings and a stand-alone leasing center on 20 acres. Twenty-five percent of the units have one bedroom; the rest have two. They average 873 sf.
The transaction was brokered by Sperry Van Ness. Debt financing from EastWest Bank was arranged by HFF.
The seller was the original developer. Bascom will focus on value-add capital improvements to the property.
Our twice-weekly e-newsletter provides a quick overview of Texas real estate markets. Because your time is valuable.