September 3, 2019
Los Angeles-based New Standard Equities (NSE) acquired Majestic Bay, a podium style 81-unit apartment community located in Des Moines, WA. The Puget Sound value-add property was picked up for $18 million, and represents the investor’s eighth asset in the Pacific Northwest.
NSE’s Edward Ring says, “This was a tremendous opportunity, as the majority of floorplans were townhome style units, which in our view, is a perfect alternative to single family homes. Our resident base typically appreciates a higher quality living experience, without the added burden and the high cost of home ownership.”
NSE is planning to spend roughly $1.7 million on a renovation program for Majestic Bay. Upgrades will include a new exterior design, landscaping additions, new signage and fully renovated unit interiors. The scope of the unit interior program will include new countertops, cabinetry, flooring, lighting, and appliances.
CBRE sourced a low-interest rate loan from Freddie Mac for the acquisition.
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