Bascom NW Picks Up 382-Unit Apartment Complex

KENT, WA-Bascom Northwest Ventures, a division of Irvine, CA-based Bascom Group, has acquired a 382-unit multifamily property here for $21.29 million or $55,743 per unit. The property, Centrestone, was built in 1978 and renovated in 2001. The seller was Fairfield Residential LLC of Grand Prairie, TX.Centrestone is located a couple of miles from Interstate 5 and Highway 167 near Downtown Kent, where a $100-million regional transit and entertainment center is under construction. The unit mix is 27% Studios, 43% 1-bedroom units, and 29% 2-bedroom units. In 2000 and 2001, Fairfield paid for new roofs, new exterior windows and new vinyl siding, and renovated unit interiors.Bascom says it will again upgrade the project for present and future residents in order to better capitalize on tenants seeking a full amenity package and well appointed units. The new property manager is Glacier Management, which manages 5,000 units in the greater Seattle area. Brian Wirtz, Managing Director of Bascom Northwest Ventures, LLC oversaw the acquisition out of the company’s San Francisco office. David Kim, Managing Director of the Bascom Group, will manage the operations and repositioning of the property. Kenny Dudunakis of Hendricks & Partners listed the property for sale and procured the buyer. None of the parties involed was available Tuesday afternoon for comment.The Kent Valley is known for distribution and manufacturing. The area is home to more than 70 million sf of warehouse and distribution space and the City of Kent is home to more than 2,700 businesses, including Boeing, Flow International, REI, Starbucks (roasting plant), Mikron and Oberto Sausage. In a prepared statement, Bascom says that after being negatively impacted by the job cuts at Boeing and the technology slowdown, “Kent is poised for rent growth within the next couple years as jobs are added in both of these sectors.”Centrestone is Bascom Northwest’s seventh apartment community in the Seattle area, pushing its portfolio in the region to nearly 2,200 units. Since the start of the year, Bascom Northwest has acquired 2,501 units in the Bay Area, Seattle and Salt Lake City for a combined total of $198 million. Prior to Centrestone, Bascom Northwest’s most recent acquisition in the Seattle area was in February, when it paid $19 million for the 206-unit Overlake Park Apartments in Bellevue, WA. The circa 1978 complex is located on the north side of Highway 520 near the intersection of NE 40th Street and NE 148th Avenue and Microsoft’s world headquarters. Last June, Bascom Northwest completed the largest apartment transaction in the history of Federal Way, WA, when it paid Chicago-based Equity Residential $49 million or $65,333 per unit for the 750-unit Waterstone Place Apartments.