Bascom Northwest Ventures LLC acquired the Mandarin View Apartments, its eighth apartment community in the Seattle area, pushing its portfolio in the region to 2,280 units.
Bascom purchased the property for approximately $8.5 million from Lee Holdings LLC. The 96-unit property is located near downtown Seattle in the Beacon Hill neighborhood.
Mandarin View Apartments, built in 1968, is on a bluff overlooking downtown Seattle and the Puget Sound. It has a unit mix which consists of 7 percent studios, 62 percent 1-bedroom units, and 21 percent 2-bedroom units. The former owner completed a modest renovation within the last five years, and Bascom will upgrade the project to appeal better to residents seeking views and on-site amenities included gated parking, secure buildings, fitness center and sauna.
This is Bascom’s second asset in the downtown area, as it purchased the 351-unit Nettleton Apartment in November 2004.
Irvine, Calif.-based Bascom has been an active buyer of multifamily properties throughout Arizona, California, Hawaii, and the Pacific Northwest over the past seven years.
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