Pacific Coast, Bascom announce purchase

Property targeted for value-add potential

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An equity joint venture between Pacific Coast Capital Partners LLC and The Bascom Group LLC today announced it has completed the final purchase in a five-property apartment portfolio in Texas. The partnership most recently acquired Astoria Apartments, a 169-unit community in Dallas, for an undisclosed price. The assets, which comprise a total investment of approximately $20 million, include class B and C apartment complexes throughout Texas totaling 1,887 units. "Our strategy was to acquire well-located apartment communities throughout Texas that could be repositioned through interior and exterior renovations and new management in order to increase rents to current market rates and ultimately create value," said Jennifer Diaz, vice president with Pacific Coast Capital Partners. The five properties include: Astoria Apartments in Dallas, 169 units; Equestrian Pointe Apartments in North Richland Hills, 836 units; Charleston Apartments in Dallas, 192 units; Chestnut Park Apa...