Home Finance New Standard Equities’ 120-Unit Village Fair Apartment Homes in Bremerton Refinanced for...

New Standard Equities’ 120-Unit Village Fair Apartment Homes in Bremerton Refinanced for $19.8MM

New Standard Equities, Village Fair Apartment Homes, Bremerton, M&T Bank, Institutional Property Advisors, Silverdale, Kitsap County, Bremerton Ferry Terminal, Seattle, Puget Sound, Naval Base Kitsap, St. Michael Medical Center, Amazon

Asset Has Achieved 92.89% Improvement in Net Operating Income Since Acquisition
Encino, Calif. (March 31, 2023) – New Standard Equities (NSE), a Los Angeles-based, full-service multifamily investment and management company, completed a $19.8 million refinance of Village Fair Apartment Homes in Bremerton, Washington, on March 31, 2023, continuing its strong focus on delivering equity back to investors, even in a challenging real estate market. This was the third refinance of the 120-unit property since its purchase for $13.1 million in December 2016. Its appraised value today is $30.6 million.
The property was first refinanced in 2018 and underwent a second refinance of $18.6 million in 2020 that continued the repatriation of equity to investors and positioned the asset for additional long-term growth. NSE has spent over $2.2 million in capital improvements including renovating 90 percent of the units.
“In executing the Village Fair business plan, our emphasis every step of the way has been on increasing revenue and controlling expenses to move our net operating income in such a way as to make refinancing possible,” said NSE Founder & CEO, Edward Ring. “We are pleased this property has achieved a nearly 93 percent improvement in NOI from year one and our percentage of expenses of gross revenue is down to the current level of 38% which is considered best-in-class operations. We beat our projections by a significant amount.”
NSE closed the refinance with a 5-year, fixed rate, interest only loan at 5.63%. The lender was Fannie Mae through M&T Bank and sourced by Brian Eisendrath at IPA.
About Village Fair Apartment Homes
Built in 1984, Village Fair Apartment Homes is a garden-style apartment community located in close proximity to Silverdale, one of the fastest growing submarkets of Kitsap County. The community provides easy access to the Kitsap Mall, downtown Bremerton and the Bremerton Ferry Terminal, allowing residents to travel to downtown Seattle in as little as 30 minutes. The property caters to both individuals and families and offers spacious 1×1, 2×1, 2×2 and 3×2 floor plans. Kitsap County is home to Naval Base Kitsap, one of the largest employers in the area, as well as St. Michael Medical Center and an Amazon delivery center that boosts local employment.