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2/27/17
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Arbor Terrace, a 276-unit multifamily community in Port Orchard, WA, was purchased by a newly formed joint venture of New Standard Equities (NSE) and an affiliate of Brixton Capital in a recent $38.15 mil ($138.2k/unit) deal. The property was sold by Sea 1800 Sydney Avenue LP.
The buyer intends to spend $3 mil on a full renovation of the asset’s 1995-vintage unit interiors, and improving the fitness center, leasing facility and general curb appeal of the property.
The acquisition was leveraged with a $30.15 mil loan from Freddie Mac, which was arranged by CBRE’s Capital Markets Group led by Vice Chairman Brian Eisendrath. Andrew Kirsh of the Los Angeles-based law firm, Sklar Kirsh LLP, represented the buyer in this transaction.
Arbor Terrace is the second acquisition in the immediate area in less than two months and third in Kitsap County in the past year for LA-based NSE. The firm also spent $13.25 mil on the value-add acquisition of the 120-unit Village Fair apartments in Bremerton, WA from a private seller. NSE plans to invest an additional $1.8 mil to bring Village Fair, a 1984 vintage asset, up to modern standards. The two assets, in combination with Sea Glass Village, a 182-unit community the firm purchased in March of 2016, brings NSE’s asset base in Kitsap County to 578 units, at a total cost basis of more than $65 mil.
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