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Bascom NW Recaps Club Palisades in $82M Deal

FEDERAL WAY, WA-The transaction comes 30 months after the 750-unit apartment property changed hands for $49 million.

By Brian K. Miller | Updated on January 23, 2007

(To read more on the multifamily market, click here.)

FEDERAL WAY, WA-A 750-unit apartment development here that sold for $49 million in June 2004 sold again this month for $82 million. The one common denominator in both the new and old ownership is Bascom Northwest, the apartment investment division of Bascom Group, an Irvine, CA-based private equity firm.

The asset, now called Club Palisades, is approximately 93% leased. In 2004, Bascom and then equity partner Lehman Brothers acquired it as Waterstone from Equity Residential. In this latest transaction, that partnership sold the property to a new partnership that includes Bascom Northwest, Rock Point Group (equity) and Massachusetts Mutual Life (debt).

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