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PORT ORCHARD, WASH. — A joint venture between New Standard Equities and an affiliate of Brixton Capital has acquired the 276-unit Arbor Terrace apartment community in Port Orchard for $38.1 million. The community is located at 1800 Sydney Ave.
The JV plans to implement a $3 million repositioning at the property that includes a full renovation of the asset’s 1995-vintage unit interiors, as well as improvements to the fitness center, leasing facility and exteriors.
The acquisition was leveraged with a $30.15 million loan from Freddie Mac, which CBRE’s Brian Eisendrath arranged.