(To read more on the multifamily market, click here.)
SEATTLE-Bascom Northwest Ventures LLC has acquired the 201-unit Villa D' Italia Apartments here for $19.5 million. The seller was Razore Enterprises Inc. (formerly Lanes Corp.) and MCW LLC. The price translates to $97,015 per unit and $108 per sf.
The property is located at 10500 North Meridian Ave., several miles north of Downtown Seattle in the Northgate neighborhood. The development sits across Interstate 5 from the one-million-sf Northgate Shopping Center. Pinnacle Management has been retained to manage the property.
The average unit size in the complex is 900 sf, making it one of the larger floor plans available in the submarket. Amenities include two pools, two dry saunas, a stand-alone gazebo housing the fitness center, secure access, a billiards room and club room. About 53% of the units have one bedroom and one bathroom and 43% have two bedrooms and 1.5 bathrooms. The remainder is a mix of studios and three-bedroom, two-bath units.
Since January 2004, Bascom Northwest Ventures has acquired 3,589 units, $285.8 million in total cost in the San Francisco Bay Area, Seattle and Salt Lake City. The Villa D' Italia Apartments acquisition takes Bascom Northwest's Seattle area portfolio to 2,480 units.
In March, Bascom Northwest Ventures acquired the Mandarin View Apartments on Seattle's Beacon Hill from Lee Holdings LLC for $8.45 million. The 96-unit complex was built in 1968 on a bluff overlooking Downtown and the Puget Sound, which provides three-quarters of the units with unobstructed views.
Bascom Northwest is the apartment redevelopment arm of the Irvine, CA-based Bascom Group. The apartment division was launched shortly after Brian Wirtz, a former vice president of acquisitions with both Essex Property Trust and AvalonBay Communities, joined the firm.
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