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.
Irvine, Calif.-based Bascom Group LLC is an active buyer of multifamily properties throughout California, Hawaii, Arizona, Utah, and the Pacific Northwest.
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