Bascom Northwest Ventures LLC recently acquired its sixth apartment community in the Seattle, Wash., area, pushing its portfolio in the region to nearly 1,800 units.
The Overlake Park Apartments, totaling 206 units, are located in the Seattle suburb of Bellevue, directly across the street from Microsoft’s world headquarters. Bascom paid approximately $19.1 million for the property.
The seller of the property was a private family partnership that had owned and managed the asset for more than 20 years.
Overlake Park, constructed in 1978, is located on NE 40th St. and NE 148th Ave. It has a unit mix that consists of approximately 40 percent 1-bedroom units and 60 percent 2-bedroom units.
Irvine, Calif.-based Bascom purchases multifamily communities throughout the West Coast, Arizona, Utah and Hawaii.
***
What’s your opinion? Send your Letter to the Editor to opinion@inman.com.
