Joint venture buys Seattle-area apartments

Property surrounded by office, retail space

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Bascom Northwest Ventures, in a joint venture with developer William Wilson III, acquired the 240-unit Bellevue Pointe Apartments in Bellevue, Wash. The property was purchased for $20.7 million. Bellevue Pointe, constructed in 1979, was a former nursery, and the community is an oasis surrounded by several million square feet of office and retail space. It has a unit mix that consists of 17 percent studios at approximately 450 square feet, 30 percent 1-bedroom, 1-bath flats at 640 square feet, and 53 percent 2-bedroom units 820 to 880 square feet. The seller of the property is a private family partnership, which had owned and managed the asset for more than 10 years. Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout California and Hawaii.  *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....