California Firm Acquires Third Pacific Northwest Apartment Community for $41.5 Million

New Standard Equities Acquires 284-Unit Renton Apartment Community

New Standard Equities acquired The Venue, a 284-unit Renton, WA, multifamily community, for $41.5 million or about $146,126/unit. The property was purchased from Fowler Property Acquisitions, with whom New Standard Equities has a long-time relationship. Regis Metro Associates (RMA) provided the equity, while Freddie Mac provided financing. The Venue’s location at 4455 NE 12th St. allows for easy commuting on the Metrolink, highway 900, and the I-5 and I-405 freeways.

“We love the value-creation opportunity at The Venue.,” said Edward Ring, New Standard’s founder and CEO. “The seller’s recent improvements to the property’s siding and clubhouse give us a nice head start on a more aggressive interior restorative program.” “A tastefully remodeled apartment interior with modern finishes really sells to today’s discerning renter,” Ring added. “If the quality of the interior doesn’t match the promise of the exterior, the resident looks elsewhere,” New Standard’s $2.8 million repositioning will include improving the fitness center and adding carports to the low-density site. The Venue is the firm’s third acquisition in the Pacific Northwest since August 2015. The total transaction value for the three acquisitions is just over $70 million.