New Commonplace Equities Acquires Two Neighboring Condominium Communities Totaling 144-Items in Washington for $20 Million

New Standard Equities Acquires Two Neighboring Apartment Communities Totaling 144-Units in Washington for $20 Million

BREMERTON, WA – New Standard Equities (NSE), a Los Angeles-based, full-service, multi-family investment and management company, is acquiring two neighboring assets, Cedar Glen and Maple Manor, and renaming them in Bremerton, WA, Indigo Apartment Homes "around. With planned investments of approximately $ 3.3 million, the company expects the property to be completely repositioned to keep up with its other holdings in the region.

"NSE is proud to announce the closure of Indigo Apartment Homes. Despite the challenges of the past year, the NSE acquisition team was able to secure this asset on a cheap basis compared to other recent deals in the area," said Timothy Walters, NSE Chief Investment Officer. Walters added, "This has really been a collaboration across the company as we were able to leverage the deep knowledge of our seasoned Kitsap County team to identify significant potential in this community while keeping other investors close to home."

NSE plans to drive sales growth through professional, technology-driven management practices and use its local contractors and designers to carry out interior and exterior renovations to meet residents' demand for superior products. NSE's Just Right Living ™ lifestyle brand, used across its portfolio, aligns investor returns with residents' choices for higher quality lives. Connor Tien, Vice President of Acquisitions at NSE, says, "Acquiring these two deals, which we started to acquire from a local owner in June 2020, was a breeze since we owned and operated Kitsap County for six years. Given our on-site presence with our management team, we felt we had near-perfect information on market conditions, rents, other operating income, and operating costs. ”NSE raised $ 8,000,000 in equity from private investors looking to capitalize on their market insights and matched it with floating rate debt of $ 16,975,000.

Source: New standard stocks


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