Source: New Standard Equities
BREMERTON, WA - New Standard Equities (NSE), a Los Angeles-based, full-service multifamily investment and management company, takes on two neighboring assets, Cedar Glen and Maple Manor, rebranding them as "Indigo Apartment Homes" in Bremerton, WA. With planned capital expenditures of roughly $3.3 million, the firm expects to fully reposition the property to compete alongside its other holdings in the area.
"NSE is proud to announce the closing of Indigo Apartment Homes. Despite the challenges faced over the past year, NSE's acquisition team was able to secure this asset at a favorable basis relative to other recent trades in the area," said Timothy Walters, NSE's Chief Investment Officer. Walters further added, "This was truly a collaborative effort across the organization as we were able to leverage the deep knowledge of our experienced team in Kitsap County to identify significant potential at this community while other investors were still sticking close to home."
NSE plans on driving revenue growth through professional, technology-driven management practices and by using its local contractors and designers to execute interior and exterior renovations to match residents' demand for superior product. NSE's "Just Right" Living™ lifestyle brand, which it deploys throughout its portfolio, aligns investor returns with their residents' choice of higher quality living. Connor Tien, NSE's Vice President of Acquisitions, says, "Acquiring these two deals, which we started chasing in June of 2020, from a local owner was a bit of a 'no-brainer' since we've owned and operated in Kitsap County for six years. Given our boots-on-the-ground presence with our management team, we felt we had near-perfect information on market conditions, rents, other operating income, and operating expenses." NSE raised $8,000,000 in equity from private investors seeking to capitalize on its market knowledge and matched this with $16,975,000 of floating rate debt.