IRVINE, Calif.--(BUSINESS WIRE)-- The Davis Building, owned by the Bascom Group, was a proud recipient of the 2012 Multi-Housing News (MHN) “Community of the Year” Silver Prize Award. MHN announced the winners at the Awards dinner on September 24, 2012 in New York. MHN provides the multi-housing industry with the most current and complete news, keeping owners up-to-date with the newest trends within the industry.
The honored award winner, The Davis Building, is a registered historic landmark located in the heart of Downtown Dallas, Texas. This 20-story high-rise building features a beautiful Neo-Classical façade and consists of 183 loft-style apartment units, 52,235 feet of premier retail space, and a unique six-level parking garage. Constructed in 1926 for the Republic National Bank, the building was later converted in 2003 into luxury residential lofts. The extensive renovations completed by Hamilton Properties created an extremely unique living situation for residents of Downtown Dallas. Pairing loft style residences with a full commercial retail center, this building provides a wide array of services for residents and shoppers.
The community offers state of the art amenities including: a convenient parking garage with direct access to the building, boutique lobby, rooftop swimming pool and jacuzzi, skyline views, cabana lounge with televisions, fitness facility, and underground tunnel access to numerous nearby commercial buildings. Unit interiors feature terrazzo flooring, black granite countertops, twelve to twenty foot ceilings, exposed ductwork, plaster and brick exposed walls, full appliance package, and walk-in closets.
“From an operational standpoint, we implemented a light renovation scope to the community - which included the addition of gated parking, and execution of an exceptional LED package distinctive to any other building in Downtown Dallas. Using a pro-active management strategy, Entrada Partners increased in place rents on an average of $100 per unit. On the retail side, we were able to enhance the resident experience while supporting Downtown’s revitalization with the addition of a trendy Gastro Pub and 1920’s Speak Easy,” commented Paul Diamond, Senior Vice President of Operations, The Bascom Group. Since the modernization and addition of these amenities, The Davis Building now serves as a stylish luxury high-rise with state of the art technological features, including a fully interactive website for prospects, and a self cleaning dog park.
“We are extremely humbled to have been acknowledged alongside our industry’s leaders at the MHN Excellence Awards. MHN is one of multifamily’s leading publications and to have been chosen as a Silver Winner is truly an honor,” added Jeffrey Fuller, Senior Vice President of Acquisitions, The Bascom Group.
About The Bascom Group, LLC:
The Bascom Group, LLC (bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses through implementation of institutional-quality property management. Bascom has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996 including more than 200 multifamily properties and 58,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
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The Bascom Group, LLC
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Source: The Bascom Group, LLC