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The Transformations
$3.75MM
TOTAL CAPITALIZATION:
22 Units
Parke Pasadena
271 Parke Street, Pasadena, CA 91101
role: Asset Management, Construction Management, Property Management
In August 2013, New Standard Equities purchased this 22-unit property in Pasadena, CA, off market, from a seller who had owned it since 1979. The property suffered from severe deferred maintenance and required a modern re-positioning. After closing escrow, NSE implemented a complete redesign of the front entry, renovated the catwalks and exterior lighting, added new landscaping, and a new paint scheme. This produced a community with an appealing modern look and feel. NSE also renovated roughly half the units with new cabinetry, flooring and appliances, which created a $275 value in rental premium and represented a 33% return on cost. The original business plan called for a short-term hold, given some of the characteristics of this particular investment. We met our investment goals and elected to sell the property for a 24% IRR and a 1.34 multiple on project equity.
project results: NSE co-led the syndicate. Annual distributions of $42,000, NOI improvement of 35% in 1 year, sold for a profit of $443,419, a 24.45% IRR, 1.34x multiple
aquisition date: --------------- August 2013
final sale date: --------------- December 2014
n/a
TOTAL CAPITALIZATION:
20 Units
Fountian at Curson
1300 N. Curson Avenue Los Angeles, CA 90046
role: Asset Management, Construction Management, Property Management
In August 2013, New Standard Equities purchased this 22-unit property in Pasadena, CA, off market, from a seller who had owned it since 1979. The property suffered from severe deferred maintenance and required a modern re-positioning. After closing escrow, NSE implemented a complete redesign of the front entry, renovated the catwalks and exterior lighting, added new landscaping, and a new paint scheme. This produced a community with an appealing modern look and feel. NSE also renovated roughly half the units with new cabinetry, flooring and appliances, which created a $275 value in rental premium and represented a 33% return on cost. The original business plan called for a short-term hold, given some of the characteristics of this particular investment. We met our investment goals and elected to sell the property for a 24% IRR and a 1.34 multiple on project equity.
project 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%
aquisition date: --------------- July 2011
final sale date: --------------- current property
Fountain at Curson
Fountain at Curson
n/a
TOTAL CAPITALIZATION:
68 Units
The Studio NoHo
5355 Cartwright Avenue North Hollywood, CA 91601
role: Construction Management, Property Management
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.
project results: By rebranding and repositioning the lofts and units in trending NoHo, New Standard Equities managed to improve in-place rents by over 10%.
aquisition date: --------------- June 2014
final sale date: --------------- current property
$40.4MM
TOTAL CAPITALIZATION:
235 Units
Crossings at the Bay
1712 Ximeno Ave Long Beach, CA 90815
role: Asset Management, Construction Management
In 2011 New Standard Equities spearheaded the design and implementation of a $3.7M renovation of the property's aging façade and common areas. This project involved developing a high-end, yet relaxed beach feel for the entire community which would need to be achieved in three phaseses; By using a combination of EFIS detail and new stucco on the exterior elevations, and building a brand new leasing pavilion, fitness center and clubhouse space out of existing spaces phase 1 was complete.
Phase 2 fully incorporated completely renovating the swimming pool area, adding a custom designed fire pit and custom-built BBQ areas to match the new high-end, sleek decor. The final phase was in addition to the build-out. NSE was able to (not only) add over 35 new parking spaces, but to also clean up some lingering entitlement issues which dramatically increased value for the community.
As a result of this work, the property has exceeded targeted rents and experienced a projected value increase of 20%.
project results: NSE sourced the equity, and spearheaded the $3,700,000 common area
renovation. Renovation: on time, on budget; NOI improvement post-renovation is approx 35%, value improvement approx 74%
aquisition date: -------------- November 2011
final sale date: --------------- current property
Alvista Canyon
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