Bremerton units sold for $13M

BREMERTON — New Standard Equities of Encino, California, said it acquired a 182-unit apartment complex called Bremerton Gardens for $13 million.

The complex at 1014 Parkside Drive near Naval Base Kitsap was built in 1942.

New Standard said in a press release it will spend $3.5 million on upgrades.

Apartments will get new appliances, cabinets and hardwood floors. Common areas will get new paths, landscaping and exteriors to make the complex feel more like a 1940s village.

Redwood-Kairos Real Estate Partners of Rancho Santa Margarita, California, supplied joint venture equity for the deal, according to the press release. Kenny Dudunakis and Jim Jensen of Berkadia represented the buyer and seller.

This is New Standard's second acquisition in the region over the last six months. Last August, it bought Anchor Pointe, a 107-unit complex in Oak Harbor.