Asana at North Park

3810 Wabash Avenue San Diego, CA 92104

role: Asset Management, Construction Management, Property Management

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.

Alvista Canyons

600 Central Avenue Riverside CA 92507

role: Asset Management, Construction Management, Property Management

In June 2013, Phoenix Realty Group engaged New Standard Equities to oversee the ground-up development and construction of a brand new 3,500 SF clubhouse, leasing facility, and fitness room for this 288 unit community in Riverside, CA.  NSE provided third party construction management services on this assignment for its East Coast partner, Phoenix Realty Group.  After 18 months of design and construction oversight, the project was completed on time and on budget.

Blu Beverly Hills

8601 Wilshire Boulevard​ Beverly Hills, CA 90211

role: Property Management

In 2013, New Standard Equities was asked to provide third party management services for this high-rise apartment community in Beverly Hills, CA.  After moving rents substantially and reducing costs, the owner was able to monetize this challenging property in 2015 to great satisfaction.

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%.

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.

Historic West Adams

2336 Crenshaw Boulevard, Los Angeles CA 90016

role: Construction Management, Property Management

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.

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.

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.

Union Lofts

760 S. Hill Street, Los Angeles, CA

role: Property Management

Owned by Evoq Properties, the successor company to the publicly traded Meruelo Maddux, Union Lofts was suffering from low intensity management. As the company was taken out of bankruptcy by the new investors' new senior team, they looked at Union Lofts as a prime sale opportunity to generate profit and repatriate equity to the investment group.

Having worked with principals at New Standard Equities previously, Evoq realized that the asset could benefit from a higher level of attention on the property management side, and recognized New Standard Equities as the company best suited for a short-term high-intensity approach.

Upon takeover in December 2011, New Standard Equities implemented severe cost-cutting measures as well as a new amenity-based pricing scheme which helped identify unit attributes and their specific demand characteristics in the marketplace. Once New Standard Equities understood the demand drivers, they designed a marketing initiative to specifically match the supply of units at Union Lofts to the demand of its redefined target demographic. The rapid turnaround of the property's operations led to a successful sale in July 2012. At sale, the asset was 96% occupied, and was not offering any concessions or reduced rent.

Villa Malibu

6487 Cavalleri Road,​ Malibu, CA 90265

role: Property Management

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.

Villa Olivos

7115 Milwood Ave Canoga Park, CA 91303

role: Asset Management, Construction Management, Property Management

In a joint venture with James Investment Partners, NSE  purchased, the 53 unit apartment building located in Canoga Park (a neighborhood of Los Angeles.) New Standard Equities managed the community in-house and led all renovation efforts. Improvements to the community included renovating 50% of the units, upgrading the front façade, building a brand new leasing office, as well as renaming and rebranding the community. Our capital improvement program, in combination with our hands-on management style, resulted in an NOI increase of 25%. Finally, taking advantage of strong investor demand in the Canoga Park area, we elected to sell project in April 2014 at a price that exceeded our original estimated residual value in 2017 (our original projected investment period). New Standard Equities successfully repositioned Villa Olivos on budget and roughly 3 years ahead of schedule. We generated a project multiple of 1.6x multiple and an overall IRR of 38%.