Foreclosed 370-Unit Dallas Apartment Complex Sells to Bascom as Distress Creates a New Entry Point

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The Bascom Group has acquired a 370-unit North Dallas apartment community that went through lender foreclosure in 2025, turning one of the multifamily sector’s distress stories into a new value-add investment.

Bascom acquired Jasmine Apartments, a 1980-built workforce housing property at 13450 Esperanza Road near the Richardson city line. The transaction marks Bascom’s 42nd acquisition in Texas, according to the company’s announcement.

The purchase price was not disclosed. MORE Capital, an affiliate of Morgan Properties, provided acquisition financing, with Northmarq arranging the debt. Northmarq’s Dallas investment sales team also marketed the property for the lender seller.

A distressed asset changes hands

The property’s recent history is what makes the deal more significant than a routine apartment acquisition. The prior lender foreclosed on Jasmine in 2025, placing the 370-unit property into lender ownership before its sale to Bascom.

Multi-Housing News, citing Yardi Matrix, reported that Mack Real Estate Group had foreclosed on a $44.8 million loan and took ownership from Tides Equities, which had acquired the property in 2022. WRE is treating those historical debt details as third-party property-data reporting rather than terms disclosed by Bascom in its acquisition announcement.

The sequence mirrors a broader reset underway in parts of multifamily: properties bought or financed when debt was cheaper are encountering a much more difficult refinancing environment as loans mature. Some assets can still support new financing, but often only after values, ownership structures or business plans reset.

Bascom plans another value-add program

Bascom said it plans physical improvements at Jasmine while expanding resident services. RPM Living will manage the property and SD-Cap will serve as construction manager.

The community sits near Coit Road and Spring Valley Road with access to North Dallas employment centers including the Telecom Corridor and Medical City. Its workforce-housing positioning is notable at a time when Sun Belt apartment markets are working through a large supply cycle and owners are competing aggressively for renters.

Bascom did not disclose its acquisition basis, the size or pricing of the MORE Capital loan, projected renovation spending or targeted returns. Those missing terms make it impossible to determine from the announcement how deeply the property’s valuation reset after foreclosure.

Distress is becoming part of multifamily price discovery

That unanswered valuation question is increasingly important across the apartment market. Higher financing costs have made it harder for owners to refinance loans originated when interest rates were substantially lower, while rent growth has slowed in many high-supply metros.

For well-capitalized buyers, lender-owned properties can create an entry point that was unavailable when apartment valuations were near their peak. For lenders, a sale can convert a foreclosed asset back into performing collateral under a new ownership and capital structure.

Jasmine is only one property, and its sale should not be treated as evidence that all Dallas multifamily assets are distressed. But its path—from leveraged ownership to foreclosure and then to a new value-add buyer—illustrates the repricing mechanism now working through portions of the multifamily market.

The next useful data point will be the economics Bascom and its lenders ultimately establish: renovation spending, operating performance and any future refinancing or disposition. Those figures will help show whether today’s distressed acquisitions become attractive vintage investments or simply transfer difficult assets to better-capitalized owners.