OAK HARBOR, WA - RealtyMogul.com, the online marketplace for real estate investing, announced it has successfully financed the Anchor Pointe Apartments, a multifamily garden style apartment community located in Oak Harbor, Washington. RealtyMogul.com accredited investors used its online platform to help the project’s sponsor, New Standard Equities, purchase the property.
“The Anchor Pointe Apartments provided our investors the chance to participate in a multifamily residential project with potential value-add rental upside through New Standard Equities planned renovations,” said Jilliene Helman, CEO of RealtyMogul.com. “This transaction was an opportunity to invest in a well-occupied, multifamily property located near an established naval air base with strong military demand for off-base housing due a shortage of on-base.”
“This property represents a chance to revitalize an established apartment complex with a built in market of tenants,” said Edward Ring, founder and CEO of New Standard Equities. “We intend to execute a significant interior renovation plan including upgrading appliances, flooring, fixtures and adding washer/dryers in select units, along with exterior improvements with a focus on amenity upgrades including a new fitness center. We were pleased to have had the opportunity to work with RealtyMogul.com on this project.”
Anchor Pointe Apartments is a 107-unit garden style apartment community 70 miles north of Seattle. Built in 1989, the property is located approximately 1.5 miles from Naval Air Station Whidbey Island where off-based housing is in great demand. The property amenities currently include private patios and balconies, covered parking, and an on-site laundry center.
New Standard Equities, the sponsor, has extensive experience in military housing and multifamily properties. The sponsor will handle all aspects of the investment including purchasing the property, overseeing renovations, and selling the property, while RealtyMogul.com investors will participate as equity stakeholders and potentially earn a share of the cash flow and asset appreciation.