Bascom buys 750 units near Seattle

Multifamily complex commands $133 per square foot

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Bascom Northwest Ventures LLC recently purchased the 750-unit Club Palisades Apartments in Federal Way, Wash., according to an announcement. The value of the transaction was approximately $82.2 million, or $109,567 per unit. Club Palisades, built in two phases in 1987 and 1990, includes three pools (one indoor), two spas, a fitness center, an internet cafe, a 50-seat theatre, a billiards room and three clubhouse facilities. It has a unit mix that consists of 50 percent 1-bedroom units; 17 percent 2-bedroom, 1-bath units; 15 percent 2-bedroom, 2-bath units; and 17 percent 3-bedroom, 2-bath units. Bascom plans an upgrade program to the unit interiors. Since January 2004, Bascom Northwest Ventures has acquired 4,601 units, $390 million in total cost in the San Francisco Bay Area, Seattle and Salt Lake City. ...