The Bascom Group bought 390 apartment units from Spencer Park Row and 212 apartments from Tranquility Lakeside to meet demands for multifamily housing.

Some features both apartments have include large outdoor greenspace and two- and three-bedroom designs.

"We underwrote over $16 billion in multifamily deals this year in Texas, so it's great to get a few more closed,” James D'Argenio, senior principal for Bascom, said in a release.

Park Row, formally known as Sevona Park Row, is at 15335 Park Row in Houston, and Lakeside is at 2850 Oak Rd. in Pearland.

“We are excited to acquire assets that were built over 15 years ago but offer characteristics, like large floorplans and open greenspace, that are desired by today's renters,” Jason Hanna, senior vice president of operations at Bascom, said in a release. “We can elevate the interior design to match current modern standards and offer a unique rental product for the submarket.”

The two apartment communities acquired by Bascom total 602 units.

The buildings were built in 2002 and 2004.

In the second half of 2021, Houston multifamily units have seen a dramatically accelerated increase in demand.

Houston is on its way to having the third-largest employment growth in the nation between 2001 and 2026.