1/28/2008

Bascom purchases Salt Lake City apartments

by

Lake Pines Apartments

San Francisco, Calif.-based Bascom Northwest Ventures, LLC has purchased the Lake Pines Apartments in Salt Lake City, Utah from an Omaha, Neb.-based private investment group.

Kent Nelson and James Wadsworth of the Salt Lake City office of Hendricks & Partners represented both the buyer and the seller in the transaction.

While the price was unreleased, the apartment complex has an appraised value of $14.8 million, according to Salt Lake City assessment records.

Built in 1970, the apartment complex contains 294 units on 15.33 acres. It is located at 4915 South Pines Drive and contains a unit mix of two studios, 136 one-bedroom and 156 three-bedroom apartments. Bascom Northwest plans to invest $3 million in renovations to the property.

Address: 4929 South Pines Drive, Salt Lake City, Utah

Size: 294 units

Built: 1970

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Filed Under: Multi-Family

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