Bascom Northwest Ventures LLC announced the acquisition of its ninth apartment community in the Seattle area with the purchase of The Villa D’Italia Apartments, pushing its portfolio in the region to 2,480 units.
The value of the transaction was $19.5 million.
A family partnership that had owned the property since its construction sold the property, which is located a few miles north of downtown Seattle in the Northgate neighborhood.
Villa D’Italia Apartments, built in 1969, comprises 201 units at an average of 900 square feet. The unit mix includes 1 percent studios; 53 percent 1-bedroom units; 42 percent 2-bedroom, 1.5-bath units; and 4 percent 3-bedroom, 2-bath units.
The site has two pools, two dry saunas, a stand-alone gazebo housing the fitness center, secure access, and a billiards room and club room.
Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout the western United States and has acquired more than 30,000 units in more than 133 properties.