#United States #Seattle #Belltown #Bascom Group

Bascom Group Expands Portfolio with 92 Units in Seattle's Belltown Area

The Bascom Group, LLC has made a significant move in the housing market by purchasing the 2300 Elliott property, a 92-unit multifamily community located in the ever-growing Belltown district of Seattle, Washington. This acquisition is a strategic step for Bascom as they continue to build their presence in urban real estate, particularly within this popular area.

Property Overview

The 2300 Elliott multifamily community, constructed in 1992, features a modern five-story building with two levels of structured parking. One of its most notable amenities is the rooftop deck, which offers stunning, unobstructed views of the Puget Sound and the iconic Seattle skyline—a perfect setting for gatherings or unwinding after a long day. The unit configuration includes 12% studio apartments, 68% one-bedroom units, 22% two-bedroom units, and 1% three-bedroom units. Additional community amenities comprise a beautifully landscaped courtyard, a state-of-the-art fitness center, secure underground parking, and controlled access entry.

Local Market Dynamics

The Belltown neighborhood is recognized for its vibrant lifestyle, boasting numerous retail shops, dining options, and entertainment venues. The location offers convenient access to major employment centers, including the famous Pike Place Market and the bustling South Lake Union area, home to tech giants such as Amazon, Meta, and Google.

Tim Whiting, Senior VP of Operations at Bascom, explained the company’s vision for the property, stating, “Our acquisition of 2300 Elliott allows us to enhance its appeal in the Belltown submarket. We intend to implement careful upgrades to the unit interiors and key community areas, which will elevate the experience of our residents while maintaining more affordable rents compared to newer developments in the surroundings.”

Future Prospects

With an impressive 29% population growth in Seattle since 2010 and projections of adding 50,000 new STEM jobs by 2026, demand for housing in Belltown is anticipated to rise. This market growth is expected to be further stimulated by significant infrastructure investments, including the $756 million Seattle Waterfront project and the $1.15 billion Climate Pledge Arena.

Joe Ferguson, Acquisitions Manager for Bascom, noted, “Our decision to invest in urban Seattle is influenced by the market's strong resilience, even against a backdrop of rising construction deliveries. With new housing supply expected to decrease and a solid employment foundation, we see considerable upside potential.” The ongoing return-to-office movement among major companies like Amazon strengthens their confidence in the long-term stability of the urban core.

Bascom Group's Expansion Plans

This acquisition marks Bascom's 14th multifamily property in the Pacific Northwest and the 12th in Washington state. The company has successfully completed seven multifamily acquisitions in the U.S. in 2024, collectively valued at $256 million. Since its inception in 1996, Bascom has acquired a staggering 363 multifamily properties, totaling nearly 92,917 units across the country.

Conclusion

Bascom’s history of strategic acquisitions positions them not just as a corporate entity but as significant players in shaping housing solutions in sought-after urban areas. Their expertise in managing distressed properties and enhancing their value ensures that they remain a vital component of the real estate landscape, fostering growth and community enhancement. For further details on their ventures, visit bascomgroup.com.