New Standard Equities Acquires 81-Units In Surging Seattle Market

ENCINO, Calif., Aug. 27, 2019 /PRNewswire/ -- New Standard Equities (NSE), a Los Angeles-based, full-service multifamily investment and management company, has acquired "Majestic Bay," a podium style 81-unit apartment community located in Des Moines, WA. The purchase price of $18,000,000 combined with the company's value-add program and a low-interest rate loan from Freddie Mac, sourced by CBRE, is NSE's 8^th project in the Pacific Northwest.

"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," said Edward Ring, founder and CEO of NSE.  Ring further added, "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 approximately $1,700,000 in its 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.

ABOUT NEW STANDARD EQUITIES
Founded in 2010, New Standard Equities (NSE) is a full-service real estate company providing property management, asset management, construction management and project investment. The company deploys private and institutional capital to acquire and operate multifamily assets that offer investors long-term appreciation and cash flow. While it's headquartered in Los Angeles, NSE has extensive hands-on experience in all major West Coast markets from San Diego to the Pacific Northwest.

For further information contact:
Justine Davis-Brown, New Standard Equities, Inc.
(818) 582.3589, ext 133; [email protected]

SOURCE New Standard Equities, Inc.

Related Links

https://www.newstandardequities.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED