The Bascom Group Acquires 370-Unit Jasmine Apartments in Dallas, Marking 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 firm announced Sept. 18. The purchase marks Bascom's 42nd Texas acquisition and represents the firm's latest distressed-asset play in a Dallas-Fort Worth market that has seen a wave of older-vintage multifamily properties come under financial pressure.

The property, situated at 13450 Esperanza Rd in Dallas, was previously known as Tides on Esperanza and was foreclosed upon by its lender in 2025 before being brought to market. The three-story garden-style community falls within Richardson ISD and sits near the Coit Road and Spring Valley Road corridors, offering residents access to the Galleria, the Telecom Corridor, Medical City, and the broader Far North Dallas area.

Deal Structure: NorthMarq, MORE Capital, and RPM Living

NorthMarq's Dallas investment sales team, led by Taylor Snoddy and Eric Stockley, marketed the property on behalf of the lender following the foreclosure. Debt financing for Bascom's acquisition was provided by MORE Capital, an affiliate of Morgan Properties, and arranged by Joe Giordani, Scott Botsford, Brendan Golding, and Alvin Cao with NorthMarq's capital markets team.

RPM Living will serve as property manager for Jasmine Apartments, while SD-Cap will act as construction manager — a pairing that signals a structured rehabilitation program at the asset. James D'Argenio and Chang Liu sourced and managed the acquisition for Bascom.

A Distressed Entry Into Workforce Housing

Jasmine Apartments carries the hallmarks of a distressed-asset acquisition. The property's prior operator, Tides Equities, faced foreclosure on the 370-unit Esperanza Road community as part of a broader wave of multifamily distress across Texas. That distress was driven by floating-rate bridge debt that became significantly more expensive as the Federal Reserve raised interest rates, compressing operating margins at the same time that new apartment supply flooded major Texas metros and forced older properties to lower rents to compete.

Operating expenses at 1980s-vintage Texas apartments also rose sharply during the 2020–2025 period, driven by higher tax valuations and surging insurance premiums. The combination of higher debt service, lower revenues, and elevated costs left many older-vintage assets overleveraged and unable to service their loans — creating the post-foreclosure entry point Bascom is now pursuing at Jasmine.

Asking rents at the property start at approximately $816 per month, with smaller floorplans in the 596-square-foot range listed in the $900–$970 monthly range, reflecting the workforce-housing profile of the asset.

Chang Liu, Principal of Acquisitions for Bascom, said the firm sees a clear path forward at the property. "We are excited to acquire a workforce housing community with a clear rehabilitation and value creation business plan," Liu said. "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, emphasized the firm's focus on the resident experience alongside the physical renovation. "Every renter deserves a quality home to live in with strong hospitality and community services," Hanna said. "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."

North Dallas Market Context

The acquisition comes as institutional capital has broadly shifted toward post-1990 multifamily assets, leaving older-vintage properties in a temporary illiquidity window. That dynamic has produced meaningful valuation resets for 1980s-built communities across Texas, particularly those encumbered by floating-rate debt originated during the 2020–2022 investment boom.

Jasmine's location provides a degree of insulation from those broader pressures. The property sits within Richardson ISD, widely recognized as one of the top public-school systems in North Texas, and is surrounded by grocery-anchored retail centers including Spring Valley Crossing and Northwood Hills Village along the Coit Road and Spring Valley Road corridor.

About The Bascom Group

The Bascom Group is a minority-owned private equity firm founded by Derek Chen, Jerry Fink, and David Kim that specializes in value-added multifamily, commercial, and non-performing loan investments. Since 1996, the firm has completed more than $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and 94,272 units. Bascom's commercial transaction volume totals $5.8 billion across more than 23.4 million square feet. The firm has ranked among the top 50 multifamily owners in the United States.

Sources

The Bascom Group — PR Newswire, Sept. 18, 2026