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November 14, 2018
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New Standard Equities Looking to Acquire Additional West Coast Multifamily Assets in 2018

1/26/18

After acquiring three multifamily communities in California and Washington last quarter in transactions totaling $74 mil, LA-based New Standard Equities Inc expects to be a net apartment buyer in 2018. The firm predicts that apartment fundamentals in high barrier to entry markets along the West Coast will continue to improve.

“Unemployment has remained low, the jobs-to-permit ratio, while degrading due to the denominator side, is still fundamentally positive, and interest rates, despite the recent uptick, are relatively low,” said Edward Ring, founder and CEO of New Standard Equities (NSE). “Although we are seeing a slowdown in the exponential rent growth of the past few years, multifamily remains an attractive asset class, particularly in supply-constrained, high-barrier-to entry infill markets bordering Los Angeles, San Diego and Seattle. We plan to invest up to $200 mil over the next 12-18 months.”

Since its founding in 2010, NSE has grown its multifamily portfolio to more than 2000 units, with assets located in California and Washington. In 2018, the firm plans on targeting larger, more complex value-add opportunities in joint venture with its private and institutional capital partners.

A recent example was NSE’s $26 mil acquisition of the Mediterranean at Towngate, a 227-unit community in Moreno Valley, CA, 65 miles east of Los Angeles.

“Our joint venture partner, Brixton Capital Group, wanted to bring in some exchange funds, which made the transaction challenging,” commented Ring. “Plus, there was an affordable housing component with a regulatory agreement on title that included a property tax abatement program, so we had to factor a non-profit co-general partner into the ownership structure. In addition, the property suffers from a patchwork of architectural and design elements that were sporadically added to the community over the past 40 years.”

Andrew Kirsh with the Los Angeles-based law firm Sklar Kirsh LLP structured the transaction on behalf of NSE.

Green Leaf Cedar Park, Lynnwood, WA
Green Leaf Cedar Park, Lynnwood, WA
In the fourth quarter NSE also acquired the 30-unit Walnut Place Apartments Pasadena for $14 mil and the 120-unit Green Leaf Cedar Park in Lynnwood, WA for $24 mil. Each project was purchased in separate joint venture syndications, and will benefit from extensive renovation and repositioning programs under the direction of the firm’s in-house construction management team led by Managing Director of Construction Management Todd Weiss and his Pacific Northwest counterpart, Lamarr Wright.







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