Bascom buys 370 North Dallas doors at a foreclosure's basis

The Bascom Group has acquired Jasmine Apartments, a 370-unit workforce community built in 1980 on the North Dallas side of the Richardson city line, from the lender that foreclosed on the property in 2025. Northmarq's Dallas investment sales team of Taylor Snoddy and Eric Stockley marketed the property; MORE Capital, an affiliate of Morgan Properties, provided the acquisition debt through a Northmarq capital markets team of Joe Giordani, Scott Botsford, Brendan Golding and Alvin Cao. RPM Living will manage the asset while SD-Cap runs construction, and James D'Argenio and Chang Liu sourced and managed the deal for Bascom. The coverage does not disclose a price.

More than the buyer, the seller matters here: a foreclosure sets the basis before the renovation budget is written, and this one arrives with an apartment owner's affiliate on the debt, a third-party manager on the leasing and a third-party builder on the units. Bascom's Jason Hanna said the firm is excited to partner with SD-Cap and RPM to "physically enhance the community" while adding to existing services, which is the vocabulary of a rehab-and-reposition plan rather than a hold-and-collect one.

Bascom has run this play often enough that Jasmine is the firm's 42nd Texas acquisition, and last month it closed the $8.5 million bank refinancing of the 133-unit Charleston Apartments, the same sponsor working the buy side and the small-balance debt side of vintage multifamily. Dallas pricing is thinner: the Dallas multifamily mark puts Las Colinas at $167,000 a key on a 374-unit Irving deal, different product in a different submarket, and the Jasmine trade would need a price before it could be stacked against that.

The apartment bid has split between agency capital marking down and new equity paying full basis for the right product, and a lender-owned 1980 asset near Richardson suggests a third lane: equity buying at a basis a foreclosure already reset, then paying for the renovation. The underwriting leans on capex cost and on whatever spread RPM can hold across 370 workforce units, and rent growth is not carrying it.

A per-door basis on 370 North Dallas units is the one figure missing, and it is the number that would let the submarket price 1980 workforce stock against the Las Colinas mark. Bascom has 42 Texas deals behind it; the next lender-owned trade in the submarket will show whether that record read the reset correctly.