The Bascom Group LLC, an Irvine, California-headquartered private equity firm, has acquired 2300 Elliott, a 92-unit multifamily community in Seattle.
Built in 1992, the property features a five-story residential building situated above two levels of structured parking. The unit mix includes 12% studio apartments, 68% one-bedroom units, 22% two-bedroom units, and 1% three-bedroom units. Community amenities include a landscaped interior courtyard, a modern fitness center, underground parking, and secure access entry.
The financial terms of the deal were not disclosed. Jamie Kline and Annie Rice with JLL arranged debt financing for the buyer, while Chad Sanderson, Jim Singleton, and Joe Ferguson sourced and managed the acquisition for Bascom. Apartment Management Consultants will provide property management services.
2300 Elliott marks Bascom’s 14th multifamily property closed in the Pacific Northwest, its 12th in Washington State and its seventh to date for 2024.
“Our acquisition of 2300 Elliott is an opportunity to enhance the property’s appeal within the Belltown submarket,” said Tim Whiting, senior vice president 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.”
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