Bascom buys high-rise apartments

Seattle property includes twin 14-story buildings

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Bascom Northwest Ventures acquired a high-rise apartment community totaling 351 units in downtown Seattle, Wash. The value of the transaction was $37.3 million. The Nettleton Apartments, consisting of an entire city block in downtown Seattle, consists of two 14-story buildings constructed in 1951. The unit mix consists of 14 percent studios at approximately 350 square feet; 58 percent 1-bedroom, 1-bath units at 571 square feet; 26 percent 2-bedroom, 1-bath units at 763 square feet; and 1 percent 2-bedroom, 2-bath units at 1,130 square feet. Other property features include lounges, a resident library, two fitness centers, tanning salons, laundry facilities, heated pool, and a rooftop terrace. At the time of sale, the property was 97 percent occupied. Bascom plans upgrades that will bring the property in line with other class A buildings. The seller of the property is Harsch Investment Realty LLC, a private family partnership that had owned and managed the asset for 30 years. Ir...