Big Apartment Sale in Seattle

Harsch Investment Realty of Portland, OR, has sold The Nettleton Apartments at 8th and Madison to Bascom Northwest Ventures of San Francisco. The Nettleton is a two-building, 351-unit high rise built in 1951. The reported price is $37 million, or about $105,000 per unit. New and renovated buildings in Seattle are going at about $200,000 per unit, so Bascom has plenty of head space in its equity position to pay for renovations. Bascom has been expanding its holdings throughout the Pacific Coast markets (and also Utah) and has acquired three other properties in the Seattle area this year.