Bascom Northwest Ventures purchased Lafayette Highland Apartments, its fourth property in the San Francisco Bay Area and its second in Lafayette within the last year.
The 150-unit property was purchased for $29.4 million.
Lafayette Highlands was constructed in 1973 and consists of 11 percent 1-bedroom, 1-bath flats at 732 square feet; 76 percent 2-bedroom flats at 902 to 1,023 square feet; and 13 percent 3-bedroom, 2-bath flats at 1,280 square feet. The property is located on an 8.2-acre hilltop site and includes a large recreational building, large pool, spa, fitness center, club room and dry saunas.
The seller of the property was Lafayette Highlands LLC, whose managing member is Matteson Real Estate Equities Inc.
Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout Arizona, California, Hawaii and the Pacific Northwest.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.