New Standard Equities, an Encino-based multifamily property company, announced it completed the sale of Atlas Apartment Homes in Port Orchard, Wash., for $75.2 million.After implementing its renovation plan over more than five years, New Standard sold the 276-unit asset at a price 39 percent higher than initially projected in underwriting at acquisition. Avenue 5 Residential, a Seattle-based property management company, purchased the property, which features new exterior improvements, branding initiatives and renovations of the leasing office, clubhouse and fitness center, as well as most of the unit interiors.“We’re happy to report that we delivered a 44.6 percent (internal rate of return) and $34.5 million of project-level profit," New Standard Chief Executive Edward Ring said in a statement. “Those are utterly astounding numbers and our investors are all quite pleased.”New Standard purchases and manages apartment and condo complexes across the West Coast as long-term investments, investing in interior and exterior renovations which increase rent. The Atlas property underwent unit interior improvements, including new flooring, improved cabinetry, new appliances, paint and new countertop treatments.The improvements increased average asking rent by 34 percent and the average in-place rent by 37 percent, according to the company.
Encino Investment Firm Sells Washington State Apartments for $75 Million
