The Bascom Group LLC announced earlier this month it bought a 92-unit apartment complex at 2300 Elliott in Seattle. The private equity firm arranged debt financing through JLL to buy the five-floor apartment complex, which offers views of downtown Seattle and Puget Sound.
CoStar data shows the apartment complex sold for $29.5 million, or $320,652 per unit.
“We plan to make targeted updates to unit interiors and key community spaces, including the rooftop deck, interior courtyard, and leasing lobby. These improvements will elevate the residents’ experience while keeping rent more affordable compared to the new supply in the area,” Tim Whiting, Bascom’s senior vice president of operations, said in a statement.
The 80,900-square-foot 2300 Elliot was built in 1992 and features a mix of studio, one-, two- and three-bedroom units. Amenities include a courtyard area, fitness center and two-level subterranean parking garage.
The multifamily property is Bascom’s 14th in the Pacific Northwest and seventh overall transaction for an apartment complex this year, totaling $256 million.
Bascom and its affiliated companies have acquired 363 multifamily properties, totaling 92,917 units, across the United States since 1996. The private equity firm’s current portfolio includes 10,564 units.
JLL’s Jamie Kline and Annie Rice helped arrange the debt financing.
Apartment Management Consultants was hired to manage the property.
