Featured Properties
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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
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25% Return-on-Cost
Asana at North Park
3810 Wabash Avenue, San Diego, CA 92104
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
final sale date ------------------------------ Current Property
results:
NSE sourced the JV equity and signed on debt, now exceeding proforma expectations, meeting capital improvement budget of $2.2MM
role:
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Asset Management
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Construction Management
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Property Management
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
The Studio NoHo
5355 Cartwright Avenue North Hollywood, CA 91601
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
final sale date ---------------------------------- Current Property
online presence:
results:
By rebranding and repositioning the lofts and units in trending NoHo, New Standard Equities managed to improve in-place rents by over 10%.
role:
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Construction Management
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Property Management
132 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
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25% NOI Improvement
Fountain at Curson
1300 N. Curson Avenue Los Angeles, CA 90046
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 49.5% for the two-bedroom floor plan.
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.
aquisition date ----------------------------- JULY 2011
final sale date ------------------------------ Current Property
68 units
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Villa Malibu
6487 Cavalleri Road Malibu, CA 90265
In 2013, New Standard Equities was asked to provide third party management services for this 68 unit apartment community in Malibu, CA. After reducing operating costs, bringing occupancy up to 95%, and moving asking rents up over $1,000 per unit, New Standard Equities was able to double the site’s NOI in just over a year and a half, without a large scale renovation.
aquisition date -------------------------------- JUNE 2013
final sale date --------------------------------- MARCH 2015
$21.4mm
TOTAL CAPITALIZATION
online presence
role:
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Asset Management
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Construction Management
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Property Management
results:
NSE sourced the equity. Refinanced in yr 2, distributed $313,000, achieved NOI growth of $60,000 (25% improvement, matching original year 3 NOI projection), approximate value improvement of 75%
$4.40mm
TOTAL CAPITALIZATION
online presence
role:
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Construction Management
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Property Management
results:
improved operations by 75% in 1 year
online presence:
role:
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Property Management
results:
Achieved stabilization in under 3 months at the highest rents in the submarket.
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
Historic West Adams
2336 Crenshaw Boulevard Los Angeles CA 90016
68 units
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
final sale date ---------------------------------- Current Property
New Standard Equities was formed in 2010 in an effort to capitalize on the extraordinary dislocation in the post-financial crisis real estate investment market. With unmatched experience in buying and operating large, institutional-quality multifamily properties throughout the Western U.S., the company is deploying private and institutional capital to purchase and operate apartment assets that offer steady, long-term cash flow to its investors.
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