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September 4, 2003

Bascom Group

Brian Wirtz, former vice president of acquisitions for Essex Property Trust and AvalonBay Communities, joined The Bascom Group LLC to form a new apartment redevelopment company, Bascom Northwest Ventures LLC. Wirtz will head San Francisco-based Bascom’s apartment push into the Bay Area, Portland and Seattle from a new office in San Francisco. Bascom plans to acquire $300 million worth of 100-plus-unit apartment complexes that need repositioning in these areas over the next three years. Wirtz met Bascom founders David Kim, Jerry Fink and Derek Chen through the University of Wisconsin’s Real Estate and Urban Land Economics program, which they all attended. After leaving Essex in January 2000, Wirtz founded Redevelopment Associates LLC, which bought and redeveloped apartment communities in California and Oregon. That firm's equity investors included Bay Area office developer William Wilson III, an Equity Office Properties Trust board member. Peter Wilson, formerly of Redevelopment Associates, joined Bascom with Wirtz. Fink said the Bay Area and Northwest apartment markets appear to be bottoming out.




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