The Bascom Group has completed the sale of Capitol at Stonebriar, a 424-unit Class A multifamily community located in Frisco, Texas, to an undisclosed buyer. The property was 91% occupied at the time of sale and generated significant investor interest throughout the marketing process.
Constructed in 2017, Capitol at Stonebriar is situated across three residential buildings spanning nine acres in the rapidly growing North Dallas submarket of Frisco. The community features a diverse unit mix of approximately 69% one-bedroom, 25% two-bedroom, and 6% three-bedroom residences. Amenities include a clubhouse, fitness center, theater room, resort-style pool, conference room, pet park, picnic area with outdoor fireplace, and concierge services.
Newmark’s Brian Murphy, Brian O’Boyle Jr., and Richard Furr represented Bascom as the seller. Newmark Vice Chairman David Schwarz secured acquisition financing on behalf of the buyer, with multiple debt options available due to strong lender demand. ‘We’re very pleased with the financing outcome,’ said Schwarz. ‘Lenders were enthusiastic about the location and the quality of the asset, and the buyer had multiple debt options to choose from.’
Bascom originally acquired the property from developer JPI in September 2018, marking the firm’s 35th multifamily acquisition in Texas at that time. The Frisco/North Dallas corridor continues to be one of the most active multifamily investment markets in the country, driven by strong employment growth, population in-migration, and a high quality of life.