Bascom Group Acquires 370-Unit Workforce Housing Community in Dallas MSA

IRVINE, Calif., Sept. 18, 2026 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired the Jasmine Apartments ("Jasmine"), a 1980-built 370-unit multifamily community located in North Dallas near the Richardson city line. Bascom has historically been one of the more active buyers in Texas, with the purchase of Jasmine marking Bascom's 42^nd Texas acquisition.

The property was foreclosed on in 2025 by the lender and was marketed by Taylor Snoddy and Eric Stockley of Northmarq's Dallas investment sales team. MORE Capital, an affiliate of Morgan Properties, provided the debt financing for the acquisition, which was arranged by Joe Giordani, Scott Botsford, Brendan Golding, and Alvin Cao with Northmarq's capital markets team. RPM Living will be the property manager and SD-Cap will be the construction manager. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.

Situated on Esperanza Road near the Coit Road and Spring Valley Road corridors, Jasmine benefits from a rare combination of connectivity, school quality, and lifestyle amenities. The location gives residents rapid access to the Galleria, the Telecom Corridor, Medical City, North Dallas, and the broader Far North Dallas area, making the property an attractive option for residents working throughout the metro. The property falls within Richardson ISD, a district widely recognized for strong academic performance and consistently ranked among the top public-school systems in North Texas. The community is surrounded by well-established retail nodes along the Coit Road and Spring Valley Road corridor, including grocery-anchored centers such as Spring Valley Crossing and Northwood Hills Village, along with a wide mix of restaurants, pharmacies, and convenience retailers.

During the 2020–2025 window, 1980s-built apartments in Texas experienced a turbulent real estate cycle. Massive out-of-state migration and corporate relocations into metros like DFW, Austin, and Houston turned these 40-year-old assets into prime targets for buyers seeking value-add investment strategies.

The market pivoted sharply between 2023 and 2025 as a wave of new apartment supply hit major Texas cities. To attract tenants, these newer properties offered heavy concessions, forcing 1980s assets to lower prices to compete. Operating expenses increased rapidly, driven by rising tax valuations and surging insurance premiums. The Federal Reserve aggressively raised interest rates, causing debt service costs on floating-rate loans to double.

Institutional capital has shifted toward post-1990 multifamily assets as older-vintage properties struggle under overleveraged, floating-rate debt and compressed operating margins. That flight to newer Class A/B communities has left older-vintage assets in a temporary illiquidity window, creating a compelling entry point, with distressed operations and capital outflows driving meaningful valuation resets for experienced buyers ready to execute rehab strategies.

Chang Liu, Principal of Acquisitions for Bascom, states, "We are excited to acquire a workforce housing community with a clear rehabilitation and value creation business plan. A strong workforce housing subsector is vital to the overall multifamily market and critical for young professionals and families earning below the area median income." Jason Hanna, Senior Principal of Operations, comments, "Every renter deserves a quality home to live in with strong hospitality and community services. We are excited to partner with SD-Cap and RPM to physically enhance the community while adding to the existing services to improve the renter experience."

About Bascom: The Bascom Group, LLC is a minority-owned private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and 94,272 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Realm Group, Consolidated Real Estate Strategies, Meridian Bascom Ventures, and BG Pearce. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit bascomgroup.com.

Contact: James D'Argenio                                                        

Tel: (949) 955-0888 Ext 119

Email: [email protected] 

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SOURCE The Bascom Group