Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.