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BASCOM NORTHWEST VENTURES, LLC is a

multifamily real estate investment company based

in San Francisco, California. Bascom Northwest

executes its business plan in supply constrained,

urban infill areas and seeks 50+ unit apartment

communities with values between $10 million

and $150 million. The company’s target markets

are Northern California, Washington, Oregon and

Utah. All location types and asset classes are

considered. These opportunities often require quick

action, construction and financing expertise, and

specialized management.

The Bascom Group, LLC, created Bascom

Northwest Ventures when Brian Wirtz joined as

a regional partner. The Bascom Group, founded

by David Kim, Jerome Fink and Derek Chen, has

acquired over $2 billion in multifamily assets

across the United States. Since its inception in

2003, Bascom Northwest Ventures has acquired a

portfolio of over $500 million, representing several

thousand units. The company is named after the

University of Wisconsin’s Bascom Hill, the original

home of UW’s Business School and the top ranked

Real Estate and Urban Land Economics Program,

from which all the founders graduated.

Mr. Wirtz was formerly West Coast Vice President of

Acquisition and Redevelopment with Essex Property

Trust and Avalon Bay Communities, where he led

in the acquisition of over $750 million in apartment

communities. His expertise translated well into the

private sector, as Bascom Northwest continues to

surpass goals and expectations. Property selection,

underwriting, financing, due diligence, disposition

and asset business plans are directed by San

Francisco’s experienced principals and associates.

The Bascom Group directs all tax, accounting, asset

and construction management activities.

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SAN FRANCISCO BAY AREA

SEATTLE

PORTLAND

SALT LAKE CITY

TACOMA

SACRAMENTO

LOS ANGELES

SALEM

SAN DIEGO

PROVO

OGDEN

This property was originally constructed in 1949 and encompasses a full city block

in downtown Seattle’s First Hill neighborhood. Originally named “The Nettleton,” the

property’s two 14 story towers enjoy views of the Puget Sound, Lake Union and

downtown, as well as offer a private parking structure, and downtown’s largest pool.

Bascom Northwest executed an extensive repositioning plan, including the replacement

of the entire electrical and life safety systems. To transform the community into a hip

urban address, dated finishes and unwelcoming dark common areas were replaced

with new glass partitioned interior spaces, bamboo flooring, sleek lighting, and a blast of

vibrant color. Amenities now include a cyber lounge business center, large health club,

new 15 person spa, roof top decks, and a 30 seat private theater attractive to the Gen X

rental market driving Seattle’s economic resurgence.

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City

Number of Units

Year Built

Renovation Budget

Debt Partner

Equity Partner

Seattle, Washington

351

1949

$9.6M ($27,350/ unit)

Wells Fargo Bank

Rockwood Capital

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Bascom Northwest acquired Washington State’s second largest apartment community

in 2004 when it was listed by a large public REIT. Built in the late 1980’s, the 36 acre

community was under maintained and capital starved. Bascom Northwest executed

a renovation with emphasis on improving the curb appeal and amenities. Nearly

$2 million was spent on landscaping, community re-branding and expansion of the

amenity package. A dramatic two story leasing facility was created, including a state

of the art fitness center, internet café, 50 seat theater, tanning booths and spa. Now

the community offers an unmatched amenity package in King County. In the midst of

a dramatic market upswing, the original equity partner wished to capture a substantial

gain (net profit of $26 Million), so Bascom Northwest recapitalized the project in 2007

with new debt and equity partners. The second renovation focused on unit interiors, as

the community still lacked upscale apartments consistent with its location and amenities.

The upper portion of the site was designated “The Heights at Club Palisades,” and its

units were upgraded with brand new cabinets, appliances, countertops, floor coverings

and other contemporary finishes.

PRE-RENOVATION

City

Number of Units

Year Built

Renovation Budget

Debt Partner

Equity Partner

Federal Way, Washington

750

1987–1990

Original $4.4M ($5,850/ unit)

2007 Recap $4.1M ($5,400/ unit)

Wells Fargo Bank

Babson Capital (2007)

Lehman Brothers

Rockpoint Group (2007)

In 2005 Bascom Northwest purchased this infill apartment property in the high income

Bay Area community of Lafayette. The site had a tired appearance because of minimal

capital improvements but was surrounded by multimillion dollar homes. The supply

of comparable properties was further constrained when new apartment entitlements

were effectively banned by city planners. Bascom Northwest determined the Class A

market was underserved, and a major renovation package, including seismic retrofit,

was required to complete the repositioning of the asset. The acquisition was further

complicated by the existing loan, which was 50 percent of the property’s value and not

pre-payable. Bascom formed a venture that funded a $15 million down payment and

more than $36,000 per unit in renovation capital. The scope included leasing office and

fitness center upgrades, the installation of in-unit washer/dryers, granite countertops,

new cabinetry and fixtures, as well as new roofs and HVAC units. Rents were increased

by over 35% as a result of the renovations.

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PRE-RENOVATION

City

Number of Units

Year Built

Renovation Budget

Debt Partner

Equity Partner

Lafayette, California

150

1973

$5.4M ($36,000/ unit)

John Hancock Life

Capri Capital / CALPERS

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Bascom Northwest targeted this owner-managed property for an unsolicited

offer after market surveys indicated the site had very high vacancy and

the lowest rents in the submarket. Formerly known as Lexington Square,

the 14.79 acre site is located blocks from Salt Lake City’s burgeoning

downtown core. The property was encumbered by tax-exempt bonds

and resident income restrictions. Contrary to the owner’s belief, Bascom

Northwest determined the bonds could be defeased and refinanced,

allowing the resident income and rental restrictions to be removed. The

asset repositioning effort included transitioning to a market rate tenant

base while upgrading the amenities and curb appeal for an even higher

income resident profile. A major leasing office renovation included a private

cinema and business center, while new garages and new interior hallway

finishes were also added. Apartment home upgrades included installation

of dishwashers, new appliances and other finishes. In the first year of

ownership, NOI increased 123% over the prior ownership’s performance.

City

Number of Units

Year Built

Renovation Budget

Debt Partner

Equity Partner

Salt Lake City, Utah

418

1973

$2.2M ($5,260/ unit)

Prudential Mortgage Capital

BlackRock Realty Advisors

Located directly across the street from Microsoft’s seven million square

foot campus, Bascom Northwest targeted the property for an unsolicited

offer after research indicated the site had double the submarket’s

vacancy rate and very low rents. The property’s original Canadian

development company had been self-managing the asset for 27 years

with virtually no capital improvements. Through professional third party

management, Bascom quickly leased the property to full occupancy

and instituted a redevelopment plan focused on changing to a higher

income tenant profile. Major renovations were completed to the leasing

center and resident clubhouses, including a new fitness center, resident

activity room, spa and a pool deck expansion. Apartment units were

gutted and upgraded with new cabinets, appliances, fixtures and each

received a washer/dryer combo. After holding for just over two years,

Bascom Northwest sold Stonecreek to a large REIT for a net profit of

almost $10 million.

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City

Number of Units

Year Built

Renovation Budget

Debt Partner

Equity Partner

Bellevue, Washington

206

1978

$3.1M ($15,100/ unit)

Babson Capital

Wilson Investment Associates

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Park Lafayette Lafayette, California

Kenmore Estates Kenmore, Washington

Kendall Ridge Bellevue, Washington

Kendall Ridge Bellevue, Washington

Fairway Village San Ramon, California

Fairway Village San Ramon, California

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Avante Kent, Washington

Avante Kent, Washington

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Villa D’Italia Seattle, Washington

City Park Salt Lake City, Utah

Beacon View Seattle, Washington

Greenpointe Salt Lake City, Utah

Bascom Northwest Ventures, LLCSan Francisco, CA

www.bascomnw.com