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Bascom Sells 418-Unit Solara Apts.

California Investor Pays $40M for Multifamily Complex
February 9, 2018
Bascom Northwest Ventures, a multifamily real estate investment company based in San Francisco, sold the 418-unit Solara Apartments complex in Salt Lake City to a Laguna Hills, CA-based investor for $40 million, or approximately $96,000 per unit.

Solara Apartments at 780 N. 900 W. comprises one-and two-bedroom units ranging from 515 to 700 square feet in 14, three-story buildings. The 376,000-square-foot garden-style community is 95 percent occupied, according to CoStar information.

As of 2008, Bascom has sold ten multifamily complexes yielding an average IRR of 42 percent.

Greg Barratt of Berkadia Real Estate Advisors represented the seller and procured the buyer, which retains Apartment Management Consultants (AMC) to manage Solar Apartments.

For more information on this transaction, please see CoStar COMPS #4125939.
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