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Bascom picks Orchid ApartmentsBascom picks Orchid Apartmentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=145192016-09-15T05:00:00Z

​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.

GlobeSt.com
Dallas-Fort Worth-Arlington
Multifamily
http://www.globest.com/sites/lisabrown/2016/09/14/mckinney-asset-attracts-buyer-intent-on-upgrades/?channel=sectors&section=dallasfort-worth&slreturn=20160815142155Read more at {Source}

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