Bascom Group Acquires 370-Unit Jasmine Apartments in North Dallas
The Bascom Group has acquired Jasmine Apartments, a 370-unit multifamily community in North Dallas near the Richardson city line. The property, built in 1980, represents 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. Northmarq's capital markets team, including Joe Giordani, Scott Botsford, Brendan Golding, and Alvin Cao, arranged the financing. 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.
Jasmine Apartments is located on Esperanza Road near the Coit Road and Spring Valley Road corridors. The location provides access to the Galleria, the Telecom Corridor, Medical City, North Dallas, and Far North Dallas. The property is within Richardson ISD, a school district the company describes as widely recognized for academic performance and ranked among top public school systems in North Texas.
The community is positioned near retail centers along the Coit Road and Spring Valley Road corridor, including Spring Valley Crossing and Northwood Hills Village, along with restaurants, pharmacies, and convenience retailers.
According to the company, 1980s-built apartments in Texas experienced significant market shifts between 2020 and 2025. Migration and corporate relocations into Dallas-Fort Worth, Austin, and Houston created demand for older assets with value-add potential. Between 2023 and 2025, new apartment supply in major Texas cities led to increased concessions. The company states that operating expenses rose due to tax valuations and insurance premiums, while Federal Reserve rate increases affected debt service costs on floating-rate loans.
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."