Highlighted Current Properties
We are proud of our work and the results we've achieved for our partners, investors and lenders. Below are some of the highlighted properties that have benefitted from our attention to detail across our functional areas of expertise.
The Venue
4455 NE 12TH Street Renton, WA
Project Highlights
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JV with Regis Metro Associates
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Repeat seller relationship
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Largest deal in company history to date
284 Units
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In June 2016, New Standard Equities sourced and closed this 284 unit property in an excellent submarket of Renton, Washington. This was the 10th transaction between the seller and New Standard Equities, and Mr. Ring's predecessor company. The business plan calls for capital expenditures of $2,700,000, which will improve the property from an amenity standpoint, as well as unit interiors.
The Venue is the first joint venture between RMA and NSE and is also the largest acquisition in NSE's short history.
Aquisition Date ----------------------------- June 2016
Status ---------------------------------------- Current Property
$45.36MM
TOTAL CAPITALIZATION
Results:
Recent acquisition
Role:
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Asset Management
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Construciton Management
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Property Management
SeaGlass Village
1410 Parkside Drive, Bremerton, WA
Project Highlights
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JV with Redwood Real Estate Partners
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Iconic off market acquisition
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6.3% cap rate
182 Units
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In March 2016, New Standard Equities sourced and closed this 182 unit property in a stellar, view-location area of Bremerton, Washington. Carrying a going-in cap rate of 6.3%, with in-place rents roughly 20% below market, the acquisition is primed for a full value-add repositioning. The business plan calls for capital expenditures of $3,500,000, which will improve the property from an amenity standpoint, as well as unit interiors. By leveraging the construction style, NSE will renovate the entire 20 acre site into a "1940s" village, capturing the ambience of a bygone era. Additional amenities, including a fitness center, clubhouse and new leasing office, will augment the resident experience.
Aquisition Date ----------------------------- March 2016
Status ---------------------------------------- Current Property
Role:
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Asset Management
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Construciton Management
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Property Management
Results:
Recent acquisition
$17.33MM
TOTAL CAPITALIZATION
Anchor Pointe
945 N. Oak Harbor Street, Oak Harbor, WA
107 Units
107 Units
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Project Highlights
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Leveraging NSE's Military Experience
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Improving Amenities
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New Interior Appointments
In August 2015, New Standard Equities purchased this 107-unit property in Oak Harbor, WA off-market from a private seller. The property was in fine condition, however, it lacked amenities, proper landscaping, and a proper leasing office.
New Standard Equities rebranded the community, built a leasing office out of a former maintenance shop, restored the former leasing office to a unit, created a fitness center and started renovating unit interiors. The property is 99% occupied and continues to out perform expectations.
Aquisition Date ----------------------------- August 2015
Status ---------------------------------------- Current Property
Role:
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Asset Management
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Construction Management
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Property Management
Results:
NSE sourced the JV equity and signed on debt, now exceeding proforma expectations
$9.5MM
TOTAL CAPITALIZATION
Rancho Azul
10130 Austin Dr. Spring Valley, CA 91977
74 Units
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Project Highlights
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Renovation
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Re-Branding
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Improved Amenities
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New Interior Appointments
In August 2015, New Standard Equities purchased this 74-unit property in San Diego, CA from an institutional partnership. The property suffered from under-management and a generally bland exterior presence.
New Standard Equities, and its joint venture equity partner, Hanover Financial, developed a business plan to add a second bathroom to the two bedroom, one bathroom units, create a new "hacienda" style exterior for the property, and add washer-dryers to the three bedroom units. The project is meeting expectations.
Aquisition Date ----------------------------- August 2015
Status ---------------------------------------- Current Property
$15.5MM
TOTAL CAPITALIZATION
Results:
NSE sourced the JV equity and signed on debt, now exceeding proforma expectations, meeting capital improvement budget of $1.1MM
Role:
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Asset Management
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Construction Management
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Property Management
Project Highlights
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Renovation & Re-Branding
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New Interior Appointments
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25% Return-on-Cost
Asana at North Park
3810 Wabash Drive, San Diego, CA 92104
132 units
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In October 2014, New Standard Equities purchased this 132-unit property in San Diego, CA from an institutional partnership who had owned it since 2007. The property suffered from significant neglect and required renovation in order to capitalize on the recently gentrified neighborhood of “North Park.” The purchase, New Standard Equities’ second sizable institutional acquisition, was the firm’s first purchase outside of Los Angeles County.
New Standard Equities immediately set about the task of re-branding the community as “Asana at North Park” and created a renovation palate that caters to the millennial generation. Adding a fitness center, improved laundry, improved hallways, a modern paint scheme, a swimming pool and new front entry, as well as unit interior appointments such as stainless appliances, grey wood plank floors, backsplashes and quartzite countertops in the kitchen, has created a rental premium of over $350 per unit at a 25% return-on-cost.
Aquisition Date ----------------------------- October 2014
Status ---------------------------------------- Current Property
$21.4mm
TOTAL CAPITALIZATION
Role:
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Asset Management
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Construction Management
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Property Management
Results:
Achieved above-proforma rental rates, brought project in on time and on budget
The Studio NoHo
5355 Cartwright Avenue North Hollywood, CA 91601
68 units
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Project Highlights
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Re-Branding
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Improved Amenities
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New Interior Appointments
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10% In-Place Rent Improvement
In May 2014, New Standard Equities was engaged to provide third party property and construction management services for this 68-unit, loft-style apartment community. By re-branding the project as “The Studio,” creating a block-long mural alongside the famed “Chandler Bike Path,” and renovating the dated interiors, New Standard Equities managed to improve in-place rents by over 10%.
In addition, New Standard Equities has successfully created an “artist colony” vibe, which has attracted the young, chic, “hipster” demographic. Residents at the live/work property are largely professional photographers, sound designers, animators, aerialists and dancers, which embodies a truly imaginative and creative spirit at the site.
Aquisition date --------------------------------- June 2014
Status -------------------------------------------- Current Property
Role:
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Construction Management
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Property Management
Results:
By rebranding and repositioning the lofts and units in trendy NoHo, New Standard Equities improved in-place rents by over 10% in the first six months of management.
Fountain at Curson
1300 N. Curson Avenue Los Angeles, CA 90046
20 units
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Aquisition date ----------------------------- July 2011
Status ---------------------------------------- Current Property
Project Highlights
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Renovation & Re-Branding
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New Interior Appointments
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40% NOI Improvement
In June 2011, New Standard Equities purchased this 20-unit property off-market from a long term local owner. The group immediately re-designed the two main street-facing elevations and created a new “look” for the interior garden space. In addition, it began renovating the unit interiors with a high-end finish, using maple veneers, tile floors and added washer-dryers where possible.
NSE recently revised its interior renovation palate, adapting to current trends in the market, and has achieved an improved rental premium of $427, and a return on cost of 30% to 49.5% depending on floorplan.
The average in-place rent is has increased of over 11% since acquisition, and is exactly on par with where the firm expected to be at this time. The acquisition was intended as a long-term hold, even though market conditions indicate a potential sale value that is well-above our initial underwriting.
Role:
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Asset Management
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Construction Management
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Property Management
Results:
In three years, NSE achieved NOI growth of $60,000 (25% improvement, matching original projections), approximate value improvement of 75%
$4.40mm
TOTAL CAPITALIZATION
Historic West Adams
2336 Crenshaw Boulevard Los Angeles CA 90016
Project Highlights
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Rapid Lease Up
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Challenging Location
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Leading Rents in Submarket
10 units
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New Standard Equities was engaged to lease up a ten unit new construction project in a challenging location, just north of the 10 fwy on Crenshaw Boulevard in the Historic West Adams area of Los Angeles. In just under ten weeks the property was 100% leased, achieving rents that far exceeded the developer's original pro forma.
Aquisition date --------------------------------- June 2014
Status -------------------------------------------- Current Property
Role:
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Property Management
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Asset Management
Results:
Achieved stabilization in under 3 months at the highest rents in the submarket.
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