In September 2026, The Bascom Group acquired Jasmine Apartments, a 370-unit multifamily community in North Dallas near the Richardson city line. The property was built in 1980, and its lender took it back through foreclosure in 2025. Jasmine is Bascom’s 42nd acquisition in Texas.
This case study covers what drew Bascom to the property, why older Texas apartments have been trading at reset valuations, and what comes next for the people who live there.
At a glance
Location: Esperanza Road, North Dallas (Dallas MSA)
Units: 370
Year built: 1980
Acquired: September 2026
Property manager: RPM Living
Construction manager: SD-Cap
Sourced and managed for Bascom by: James D’Argenio and Chang Liu
A location that works for working households
Jasmine sits on Esperanza Road near the Coit Road and Spring Valley Road corridors. Residents can get quickly to major employment areas, including the Galleria, the Telecom Corridor, Medical City, and the broader Far North Dallas area. For people who work across the metro, the location shortens commutes.
The property is also in Richardson ISD, a district widely recognized for strong academic performance. Daily needs are close by. Grocery-anchored centers like Spring Valley Crossing and Northwood Hills Village sit along the surrounding corridors, alongside restaurants, pharmacies, and convenience retail.
How a 1980s Texas property ends up in foreclosure
Jasmine’s story is part of a larger cycle that played out across Texas over the last five years.
From 2020 to 2025, heavy migration and corporate relocations into Dallas-Fort Worth, Austin, and Houston made 40-year-old apartment communities popular with value-add buyers. Then conditions changed. Between 2023 and 2025, a wave of new apartment supply hit major Texas cities. Newer properties offered heavy concessions to fill units, and older communities had to compete. At the same time, property tax valuations and insurance premiums climbed quickly. As the Federal Reserve raised interest rates, debt service costs on floating-rate loans doubled for many owners.
Owners who bought with floating-rate debt and thin margins came under pressure. Institutional capital also shifted toward multifamily properties built after 1990. That left older-vintage communities with fewer buyers. Major NOI reduction due largely to oversupply and severe expense inflation combined with equity illiquidity has created substantial value loss across the market. Bascom is entering a multifamily subsector in a temporary illiquidity window with stabilizing fundamentals, presenting a compelling opportunistic investment strategy.
That’s the kind of situation Bascom has worked in since 1996. Many of the firm’s acquisitions have come through foreclosure, bankruptcy, or short sales. The thesis is to buy assets that are being priced on their troubled operations, then fix what’s broken.
Nearly 40% of renter households in the city of Dallas make $52,000 or less per year. Rehabilitating communities like Jasmine is essential to these lower-income households, presenting a compelling investment strategy with supported long-term renter demand and limited capital competition.
“We are excited to acquire a workforce housing community with a clear rehabilitation and value creation business plan,” said Chang Liu, Principal of Acquisitions at Bascom. “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, put it this way: “Every renter deserves a quality home to live in with strong hospitality and community services.”
The plan for Jasmine
Bascom will partner with SD-Cap and RPM Living to physically restore the community and add to its existing resident services.
This follows how Bascom is built. The firm doesn’t run property management or construction in-house. Its team focuses on acquisitions and asset management, and it hires third-party specialists for everything else. That lets Bascom pick the right partners for each property and each market.
Acquiring real estate post-foreclosure requires more flexibility and experience from a buyer when working through the transaction. Customary due diligence material may not be available as ownership has recently changed with limited support from the pre-foreclosure owner. This requires buyers to procure most of the critical physical, financial, zoning, and environment diligence needed to perform inspections and feasibility.
[DEAL TEAM COLOR: What was different about closing a post-foreclosure asset compared with a standard acquisition?]
Buying when others are stepping back
Many buyers have pulled away from older Texas apartments. Bascom went the other direction with Jasmine because of its experience in this exact type of property. Since 1996, the firm has completed over $23.0 billion in multifamily value-added transactions across 368 properties and 94,272 units. Jasmine is its 42nd property in Texas.