Bascom Group Acquires 92 Apartment Units Along Waterfront in Seattle's Highly Desirable Belltown Submarket

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Dec 12, 2024, 08:34 ET

IRVINE, Calif., Dec. 12, 2024 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has acquired 2300 Elliott, a 92-unit multifamily community located in the high-growth city of Seattle, Washington. Jamie Kline and Annie Rice with JLL arranged debt financing for the buyer. Chad Sanderson, Jim Singleton, and Joe Ferguson sourced and managed the acquisition for Bascom. Apartment Management Consultants will provide property management services.

Built in 1992, the property features a five-story residential building situated above two levels of structured parking. A standout feature is the rooftop deck, offering unobstructed views of the Puget Sound and the iconic downtown Seattle skyline, providing a stunning backdrop for relaxation or social gatherings. The unit mix includes 12% studio apartments, 68% one-bedroom units, 22% two-bedroom units, and 1% three-bedroom units. Residents enjoy a range of community amenities, such as a landscaped interior courtyard, a modern fitness center, underground parking, and secure access entry.

"Our acquisition of 2300 Elliott is an opportunity to enhance the property's appeal within the Belltown submarket," said Tim Whiting, Senior VP of Operations at Bascom. "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. The property's prime location offers residents access to Belltown's retail, dining, and entertainment, as well as nearby job centers, the waterfront district, and Pike Place Market."

Located in Seattle's dynamic Belltown neighborhood, 2300 Elliott offers unmatched access to retail, entertainment, and employment hubs. Just 0.4 miles from Pike Place Market and within a 20-minute walk of South Lake Union—home to major employers like Amazon, Meta, and Google—Belltown combines historic charm with modern convenience. The area's walkable, bike-friendly design and proximity to waterfront attractions make it a highly desirable location. As Seattle's economy grows, driven by a 29% population increase since 2010 and 50,000 projected new STEM jobs by 2026, demand for housing in Belltown is expected to rise, fueled further by major infrastructure projects like the $756M Seattle Waterfront and the $1.15B Climate Pledge Arena.

Joe Ferguson, Acquisitions Manager "Our investment in urban Seattle is position driven by the market's proven resilience even amid record construction deliveries. With the new housing supply tapering off and a strong employment base, we see significant upside potential. The return-to-office momentum from major employers like Amazon further reinforces our confidence in the long-term strength of the urban core."

2300 Elliott marks Bascom's 14th multifamily property closed in the Pacific Northwest, and the 12^th in Washington state. Bascom has completed seven multifamily acquisitions, totaling $256M across the United States, so far this year in 2024. The company remains highly active in pursuing new acquisitions and plans to continue expanding its portfolio through 2025. Since 1996, Bascom and its affiliates have acquired 363 multifamily properties throughout the United States, totaling 92,917 units. Bascom currently holds 10,564 units in its portfolio.

About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 363 multifamily properties and over 90,000 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit bascomgroup.com.

Contact: Chad Sanderson, Jim Singleton, Joe Ferguson
Tel: 949-955-0888 Ext 123; Ext 116, Ext. 120
Email: [email protected]

SOURCE The Bascom Group