Bascom Northwest Ventures purchased the 67-unit Park Terrace Apartments in Lafayette, Calif.

The value of the transaction was $8.5 million.

Park Terrace was constructed in 1964 and consists of (30 percent) 1-bedroom, 1-bath flats of approximately 750 square feet; (48 percent) 2-bedroom, 1-bath flats at 825 square feet; (21 percent) 2-bedroom, 1.5 bath townhomes at 1,025 square feet; and (1 percent) 3-bedroom, 1.5-bath townhomes at 1,450 square feet.

The property includes two pools, two laundry facilities and a fitness center.

The seller of the property is a private partnership, which had owned and managed the asset since 1997.

Bascom Northwest Ventures is an affiliate of Irvine, Calif.-based Bascom Group, an active buyer of multifamily properties throughout California and Hawaii.

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