Bascom Group Expands Its Multifamily Portfolio
The Bascom Group, LLC has recently made a significant move by acquiring 2300 Elliott, a multifamily community featuring 92 apartment units. This strategic acquisition is situated in one of the most sought-after submarkets, contributing to the company's growing portfolio dedicated to multifamily housing.
A Closer Look at 2300 Elliott
Built in 1992, 2300 Elliott stands as a five-story residential building that is augmented by two levels of structured parking. A highlight of the property is its rooftop deck that offers breathtaking views of the Puget Sound along with the vibrant downtown Seattle skyline, making it an ideal space for residents to unwind and entertain. The diverse unit mix comprises a blend of 12% studio apartments, a substantial 68% one-bedroom units, 22% two-bedroom units, and a small 1% of three-bedroom units.
Community Amenities
Residents of 2300 Elliott enjoy a variety of exquisite amenities designed to enhance their living experience. These amenities include a beautifully landscaped interior courtyard, a modern fitness center, underground parking, and secure access entry, creating a comfortable and secure living environment.
Future Plans for Renovation
Tim Whiting, Senior VP of Operations at Bascom, commented on the acquisition: "Our acquisition of 2300 Elliott is an opportunity to enhance the property's appeal within the Belltown submarket. We intend to make strategic updates to unit interiors and key communal areas, including the rooftop deck and leasing lobby, to elevate the resident experience while keeping rents affordable compared to newer developments nearby.”
Strategic Location Benefits
Located within Seattle's lively Belltown neighborhood, 2300 Elliott is just 0.4 miles from the iconic Pike Place Market and within a 20-minute walk to South Lake Union, which serves as a hub for major tech employers such as Amazon, Meta, and Google. This prime location embodies a blend of historic charm and modern conveniences, making it exceptionally appealing to residents.
Market Insights and Growth Potential
As Seattle's economy experiences rapid growth—evidenced by a 29% population increase since 2010 and the addition of 50,000 new STEM jobs projected by 2026—the demand for housing in Belltown is set to rise. Major infrastructure projects, including a significant $756 million redevelopment of the Seattle waterfront and a $1.15 billion Climate Pledge Arena, will further bolster this demand.
Insight from Acquisitions Manager
Joe Ferguson, the Acquisitions Manager, shared insights regarding the market dynamics: "Our investment in urban Seattle stems from the market's proven resilience despite high construction numbers. With new housing supply declining and a robust employment base, significant upside potential lies ahead. The return-to-office trend among major employers strengthens our optimistic outlook for the urban core’s long-term strength."
Bascom Group's Active Portfolio Management
With the acquisition of 2300 Elliott, Bascom has now closed on 14 multifamily properties in the Pacific Northwest, representing the 12th property in Washington state alone. In total, Bascom has finalized seven multifamily acquisitions valued at approximately $256 million so far this year. The firm's proactive approach in seeking new opportunities aligns with its broader strategy to grow its investment portfolio through 2025.
About Bascom Group
Founded by Derek Chen, Jerry Fink, and David Kim, Bascom Group is a private equity firm that specializes in value-added investments in multifamily communities and commercial properties. The firm has a notable reputation for transforming distressed properties into attractive living spaces by instituting capital improvements, improving management efficiencies, and enhancing revenue streams. Since its inception, Bascom has successfully completed transactions totaling over $22 billion across approximately 363 properties, encompassing more than 90,000 units.
Frequently Asked Questions
What type of community did Bascom acquire?
Bascom acquired a 92-unit multifamily community called 2300 Elliott, located in Seattle's Belltown district.
What amenities are available at 2300 Elliott?
Residents can enjoy amenities like a landscaped courtyard, a fitness center, underground parking, and a rooftop deck with stunning views.
What plans does Bascom have for updates?
The company plans to upgrade unit interiors and enhance community spaces such as the rooftop deck and leasing lobby.
Why is Belltown considered a desirable location?
Belltown is desirable due to its proximity to major employers, retail, and entertainment options, along with its walkable and bike-friendly environment.
How many properties has Bascom acquired in total?
Bascom has acquired a total of 363 properties since 1996, with a significant presence in the Pacific Northwest.
