L.A.-based real estate company purchased 182-unit Bremerton apartment complex
Published 4:50 pm Wednesday, March 16, 2016
BREMERTON — New Standard Equities, a Los Angeles-based real estate investment and management company has acquired Bremerton Gardens, a 182-unit multifamily project located at 1014 Parkside Dr. in Bremerton.
The early 1940s garden-style, wood-framed property was purchased from a private party in an off-market transaction for $13 million, with Redwood-Kairos Real Estate Partners supplying the joint venture equity. Freddie Mac provided the financing through CBRE, and Jim Jensen and Kenny Dudunakis from Berkadia represented both buyer and seller in the transaction, according to NSE.
At just under 20 acres, Bremerton Gardens is the second multifamily property in the Puget Sound region that NSE has added to its growing portfolio in the past six months. In August 2015, NSE acquired Anchor Pointe, a 107-unit apartment community in Oak Harbor.
“Like Anchor Pointe, Bremerton Gardens is in close proximity to U.S. naval operations, including the Puget Sound Naval Shipyard which employs 11,000 civilians and military personnel year-round,” said Edward Ring, founder and CEO of NSE. “Furthermore, this property is in a prime, irreplaceable location, offering residents beautiful, unobstructed views of Puget Sound. It is also near great dining and entertainment, and a short walk to the ferry.”
Ring noted that Bremerton Gardens is in good physical condition, but in need of updating and renovation. NSE plans add new walking paths, signage, landscaping and hardscaping, gazebos, lighting and façade treatments. Improvements to individual units will include refinished hardwood flooring, upgraded cabinetry, and new appliances, paint and countertop treatments. NSE plans to invest $3.5 million on the repositioning.
“Along with NSE, we see Bremerton Gardens as a highly stable asset in a strong demand area of the Pacific Northwest, making it a very attractive investment,” said Justin Salvato, investment director of Redwood-Kairos Real Estate Partners. “Eddie’s experience in the region, both at NSE and earlier in his career, made us even more receptive to this investment.”
Bremerton Gardens is well-situated on nearly 20 acres, averaging 9.1 units per acre. The low-density property includes 113 one-bedroom apartments, 63 two-bedroom units, five three bedrooms and one single-family home (which will be repurposed for use by all tenants), allowing it to cater to singles and couples, the predominant demographic in the market. Unit amenities include spacious floor plans, vaulted ceilings, and inlet and mountain views. The apartment community also offers residents 242 parking spaces, a laundry center, a dog park, viewing platforms and close access to waterfront parks.
