Home Finance 276-Unit Port Orchard Apartment Community Sold For $75.2 MM

276-Unit Port Orchard Apartment Community Sold For $75.2 MM

Port Orchard, New Standard Equities, Atlas Apartment Homes, Elan Multifamily Investments

(EDITOR’S NOTE: According to public documents, the buyer of the property was Campbell, Calif.-based Elan Multifamily Investments.)

Atlas, the company’s third disposition in two years, confirms another NSE success story

ENCINO, Calif., Aug. 27, 2021 — New Standard Equities (NSE), a Los Angeles-based, full-service multifamily investment and management company, has recently completed disposition of their Pacific Northwest property Atlas Apartment Homes in Port Orchard, WA after successfully implementing their business plan over the past 4.5 years. At $75,200,000 ($272,463 per unit), NSE sold this asset at a price that was 39% higher than they initially projected in their underwriting at acquisition. This continues to prove NSE’s mission of delivering outstanding returns to its investors.

“We’re happy to report that we delivered a 44.6% IRR and $34.5 million of project level profit,” said NSE Founder & CEO, Edward Ring. “Those are utterly astounding numbers and our investors are all quite pleased!”

Timothy Walters, NSE’s Chief Investment Officer, adds that “the sale of Atlas reaffirms why NSE has been able to maintain such a strong track record and should help give investors confidence in the decision-making of NSE’s leadership going forward.” Walters continued, “after executing our comprehensive business plan which included exterior improvements, branding initiatives, extensive renovation of the leasing office, clubhouse and fitness center, and renovations to 90% of the unit interiors, we felt that now was a good time to monetize, given the opportunity for the next owner to finish our renovation program or expand upon it.”

Atlas, a “garden style” 276-unit apartment community, is located at 1800 Sidney Avenue in a desirable Puget Sound community located on the Kitsap Peninsula, just west of Seattle. NSE implemented a strategic renovation plan that optimized rental rates, while actively monitoring demand and residents’ “willingness to pay” for property upgrades. This is part of NSE’s “Just Right” Living™ lifestyle brand, which it deploys throughout its portfolio, aligning investor returns with its residents’ choice of higher quality living. By enhancing the property’s curb appeal with new signage, asphalt and facade treatments, NSE was able to attract a more discerning renter. When combined with unit interior improvements, such as new flooring, improved cabinetry, new appliances, paint, and new countertop treatments, they subsequently improved average asking rent by ­­34% and the average in-place rent by ­­37%. NSE has also driven revenue growth through professional, technology-driven management practices, and by using local contractors and designers to execute interior and exterior renovations to match residents’ demand for superior product. This is the “Just Right” Living™ brand at its most essential.

ABOUT NEW STANDARD EQUITIES
Founded in 2010, New Standard Equities (NSE) is a full-service real estate company providing property management, asset management, construction management, and project investment. The company deploys private and institutional capital to acquire and operate multifamily assets that offer investors long-term appreciation and cash flow. While it’s headquartered in Los Angeles, NSE has extensive hands-on experience in all major West Coast markets from San Diego to the Pacific Northwest.