New Standard Equities Acquires Two-Property Apartment Portfolio in Bremerton, Washington for $20M
BREMERTON, WASH. — Los Angeles-based New Standard Equities has purchased Cedar Glen and Maple Manor, two adjacent multifamily communities in Bremerton. An undisclosed individual/personal trust sold the assets for $20 million.
The buyer has rebranded the 144-unit portfolio as Indigo Apartment Homes and plans to implement a $3.3 million capital improvement program at the community. The portfolio includes Cedar Glen Apartments at 2511 Magnuson Court and Maple Manor Apartments at 2700 Maple St. Cedar Glen was built in 1989 and Maple Manor was constructed in 1978.
Timothy Ufkes and Nate Kiger of the Ufkes Group of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.