|
|
3/11/16
|
New Standard Equities (NSE) has acquired Bremerton Gardens, a 182-unit multifamily project in Bremerton, WA, on the Kitsap Peninsula. The property, located at 1014 Parkside Dr, was purchased from a private party in an off-market transaction for $13 mil ($71.4k/unit), with Redwood-Kairos Real Estate Partners supplying the joint venture equity.
The early 1940s garden-style, wood-framed property sits on just under 20 acres, averaging 9.1 units per acre. The low-density property includes 113 one-bedroom apartments, 63 two-bedroom units, five three bedrooms and one single-family home (which will be repurposed for use by all tenants), allowing it to cater to singles and couples, the predominant demographic in the market.
Unit amenities include spacious floor plans, vaulted ceilings, and inlet and mountain views. The apartment community also offers residents 242 parking spaces, a laundry center, a dog park, viewing platforms and close access to waterfront parks.
Bremerton Gardens is the second multifamily property in the Puget Sound region that NSE has added to its growing portfolio in the past six months. In August 2015, NSE acquired Anchor Pointe, a 107-unit apartment community in Oak Harbor, WA.
Redwood-Kairos Real Estate Partners supplied the joint venture equity in the purchase. Freddie Mac provided the financing through CBRE, with Jim Jensen and Kenny Dudunakis from Berkadia representing both buyer and seller in the transaction.
“Like Anchor Pointe, Bremerton Gardens is in close proximity to U.S. naval operations, including the Puget Sound Naval Shipyard which employs 11,000 civilians and military personnel year-round,” said Edward Ring, founder and CEO of Los Angeles-based NSE. “Furthermore, this property is in a prime, irreplaceable location, offering residents beautiful, unobstructed views of Puget Sound. It is also near great dining and entertainment, and a short walk to the ferry.”
Ring noted that Bremerton Gardens is in good physical condition, but in need of updating and renovation due to its 1942 vintage. Thus, it fits with NSE’s strategy of investing in properties with excellent upside potential achieved through strategic repositioning and “heavy lifting” value add.
NSE plans to augment the common areas with new walking paths, signage, landscaping and hardscaping, gazebos, lighting and façade treatments that evoke the vibe of a 1940s village. Improvements to individual units will include refinished hardwood flooring, upgraded cabinetry, and new appliances, paint and countertop treatments. NSE plans to invest $3.5 mil on the repositioning.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
