The Alexan is an 163 unit garden style apartment community located on 8.95 acres in Kenmore, Washington, minutes from the employment centers of downtown Seattle and downtown Bellevue.  Bascom's business plan focused on creating better curb appeal and amenities for the property.  Bascom's renovation budget of $1.63M or $10,000 per unit was utilized to create a new leasing office, fitness center and tot lot, as well as, for landscaping upgrades along with unit upgrades including adding in-unit washer/dryers.  As a result of Bascom's upgrades rents were increased by over 36% and The Alexan sold in December 2007 at a $20,000,000 sale price, which yielded a 50.90% IRR and a 3.39 multiple on capital.

City
Kenmore, Washington
Units
163
Renovation Budget
$1.63M ($10,000/ unit)
Debt Partner

Merrill Lynch

Equity Partner

Individual Private Investors