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.
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