Bascom Group Acquires 370-Unit Jasmine Apartments in North Dallas
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 purchase marks Bascom’s 42nd acquisition in Texas, according to the company.
The property was foreclosed on in 2025 by the lender. Taylor Snoddy and Eric Stockley of Northmarq’s Dallas investment sales team marketed the asset. MORE Capital, an affiliate of Morgan Properties, provided 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 serve as property manager and SD-Cap will serve as construction manager. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
The property is situated on Esperanza Road near the Coit Road and Spring Valley Road corridors. According to the release, the location provides residents with access to the Galleria, the Telecom Corridor, Medical City, North Dallas, and the Far North Dallas area. The property is located within Richardson ISD.
The community is surrounded by retail along the Coit Road and Spring Valley Road corridor, including Spring Valley Crossing and Northwood Hills Village, along with restaurants, pharmacies, and convenience retailers.
The company stated that between 2020 and 2025, 1980s-built apartments in Texas experienced significant market changes. Migration and corporate relocations into DFW, Austin, and Houston created buyer interest in these assets for value-add strategies, according to the release.
The market shifted between 2023 and 2025 as new apartment supply entered major Texas cities. The release states that newer properties offered concessions to attract tenants, forcing 1980s assets to adjust pricing. Operating expenses increased due to tax valuations and insurance premiums. The Federal Reserve raised interest rates, impacting 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.”