New Standard Equities Spends $41 Mil on Its Third Pac Northwest Res Buy Since August 15 of Last Year

New Standard Equities (NSE), out of Los Angeles, recently closed on its third acquisition in the Pacific Northwest since August 15. In this latest deal, the company paid $41.5 mil for The Venue, a 284-unit ($146k/unit) multifamily community in Renton. The property was sold by Fowler Property Acquisitions. In the buy, Regis Metro Associates provided the equity, while Freddie Mac provided financing.

The Venue is located at 4455 NE 12th St, east of I-5 and just south of Sunset Blvd. The complex features many amenities, including a fitness center, pool, playground and tennis court. Unit amenities include washer/dryer, high-speed Internet access, walk-in closets and more. NSE’s $2.8 mil repositioning for the complex includes improving the fitness center and adding carports to the low-density site. Situated in a strong demand area of the Pacific Northwest, NSE believes The Venue offers significant rental upside.