SD-Cap Construction Management, LLC

The Bascom Group has acquired 2300 Elliott Apartments, a 92-unit multifamily community located in the high-growth city of Seattle, Washington. Jamie Kline and Annie Rice with JLL arranged the #debt financing. Chad Sanderson, James Singleton, and Joe Ferguson sourced and managed the #acquisition for Bascom with Timothy Whiting overseeing the operations and upgrades. Apartment Management Consultants LLC 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. Residents enjoy a range of #community amenities, such as a landscaped interior courtyard, a modern fitness center, underground parking, and secure access entry. The acquisition of 2300 Elliott is an opportunity to enhance the #property's appeal within the #Belltown submarket. The plan is to make targeted updates to unit interiors and key community spaces, including the rooftop deck, interior courtyard, and #leasing lobby. 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 PDA and w/in 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. The #investment in urban Seattle is position driven by the market's proven resilience even amid record #construction deliveries. 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 12th in Washington state.?Bascom has completed seven #multifamily acquisitions, totaling $256M 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. #propertydevelopment?#realestate?#cre?#commercialrealestate?#investmentproperty?#multifamilyinvesting?#realestateinvesting

The Bascom Group, LLC has acquired Old River Place, a 249-unit single family residential-style, build to rent #multifamily property located in the highly desirable Southwest submarket of Bakersfield, California. The purchase price was $56,633,500 or $227,444 per unit.???Despite the high-interest rate environment and anemic property sale market, the property marks Bascom’s sixth #acquisition of 2024 and twenty sixth multifamily acquisition in California’s Central Valley. Annie Rice and Jamie Kline of JLL arranged the #debt financing for the acquisition with TPG Real Estate Finance Trust as the #lender. ?The seller was represented by The Mogharebi Group’s investment sales team led by Mark Bonas. ?Apartment Management Consultants LLC will provide #property management services and SD-Cap Construction Management, LLC will provide #construction management. The purchase of Old River Place comes on the heels of five previous 2024 acquisitions made by Bascom.?Bascom remains highly active pursuing new #acquisitions throughout the US and intends to continue portfolio expansion through year-end. Bascom has been one of the most active apartment buyers in #California and the Central Valley partnering with institutional and private capital. Prior to purchasing Old River Place, Bascom had acquired 130 multifamily properties and 20,773 units in?California, with 25 of those #properties and 3,619 units located in the Central Valley. Over the past six months, Bascom has completed roughly $265 million in multifamily #acquisitions nationwide. Located within the desirable Southwest submarket of Bakersfield, Old River Place offers residents a low-density #singlefamily residential style community with an attractive unit mix of two- and three-bedroom units. ?The #property is adjacent to affluent #Bakersfield neighborhoods such as Seven Oaks and Hagan Oaks, provides residents easy access to retailers like Sprouts Farmers Market, Trader Joe's, lululemon and Target, and accessibility to major employment drivers such as California State University, Bakersfield and Dignity Health – Mercy Hospital. #Bakersfield has been one of California’s best performing #apartment markets, highlighted by consistent occupancies above 95%. ?The strong fundamentals have been driven by limited new supply, high population growth (no large #California city has grown more than Bakersfield over the last five years), and a diversifying economy.?The city serves as a hub for various industries including agriculture, healthcare, energy, manufacturing, and a growing logistics industry. ?Bakersfield’s central location in California’s San Joaquin Valley makes it a key transportation hub. It’s well-positioned along major highways Interstate 5 & State Route 99, facilitating efficient movement of goods between Northern & Southern California. Joe Ferguson James Singleton Lee Nguyen #propertydevelopment #realestate #cre #commercialrealestate #investmentproperty #apartments #investment #renovation