Bascom Group Acquires 370-Unit Jasmine Apartments in North Dallas for 42nd Texas Deal

The Bascom Group has acquired Jasmine Apartments, a 370-unit multifamily community built in 1980 and located in North Dallas near the Richardson city line. The transaction marks Bascom's 42nd acquisition in Texas.

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

The community is situated on Esperanza Road near the Coit Road and Spring Valley Road corridors. According to the announcement, the location provides access to the Galleria, the Telecom Corridor, Medical City, North Dallas, and the Far North Dallas area. The property is within Richardson ISD, which the company describes as recognized for academic performance and ranked among top public school systems in North Texas.

The company noted that retail centers along the Coit Road and Spring Valley Road corridor surround the community, including Spring Valley Crossing and Northwood Hills Village, along with restaurants, pharmacies, and convenience retailers.

The release outlined market conditions affecting 1980s-built apartments in Texas during the 2020 to 2025 period. The company stated that migration and corporate relocations drove initial interest in these properties as value-add investments. Between 2023 and 2025, the market shifted as new apartment supply introduced heavy concessions, forcing older assets to lower prices. Operating expenses increased due to rising tax valuations and insurance premiums, while Federal Reserve rate increases caused debt service costs on floating-rate loans to double.

Chang Liu, Principal of Acquisitions for Bascom, stated, "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, commented, "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."