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12/13/24
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The Bascom Group LLC has acquired 2300 Elliott, a 92-unit multifamily community in Seattle’s Belltown area. The price was not immediately given out.
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. The unit mix includes 12% studio apartments, 68% one-bedroom units, 22% two-bedroom units, and 1% three-bedroom units. Residents enjoy a range of community amenities, such as a landscaped interior courtyard, a modern fitness center, underground parking, and secure access entry.
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 and within 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.
Jamie Kline and Annie Rice with JLL arranged debt financing for the buyer. Chad Sanderson, Jim Singleton, and Joe Ferguson sourced and managed the acquisition for Bascom. Apartment Management Consultants will provide property management services.
"Our acquisition of 2300 Elliott is an opportunity to enhance the property's appeal within the Belltown submarket," said Tim Whiting, Senior VP 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.”
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 $256 mil across the United States, so far this year in 2024.
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