Bascom Northwest Ventures acquired the 750-unit Waterstone Place Apartments, located in the Seattle suburb of Federal Way, Wash.

The value of the transaction was more than $49 million.

Chicago-based Equity Residential Properties Trust, a publicly traded apartment REIT, was the seller.

Developed in phases from 1987 through 1990, the property represents one of the largest apartment communities in the Washington State. The site consists of more than 36.5 acres less than two blocks off Interstate 5 in south King County. The community is comprised of 72 two- and three-story apartment buildings, three large clubhouses, three pools, (one indoor and 2 outdoor), two indoor spas, a fitness center, indoor racquetball and basketball courts, outdoor volleyball field, two playgrounds, two barbecue areas, three laundry facilities and three maintenance shops. The apartment home mix consists of eight floor plans that range from a 584-square-foot, 1-bedroom unit, up to a 1,221-square-foot, 3-bedroom/2-bath unit.

Hendricks & Partners represented both parties in the transaction, which closed June 11, 2004.

Irvine, Calif.-based Bascom has been an active buyer of multifamily properties throughout California and Hawaii over the past seven years.

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