Bascom buys 750 units near Seattle

Multifamily complex commands $133 per square foot

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. ...