New Standard Equities Purchases $60,000,000 Property
Company Expands to 583 Units in the SF Bay Area
FREMONT, Calif., Sept. 26, 2019 /PRNewswire/ -- New Standard Equities (NSE), a Los Angeles-based, full-service real estate investment and management company, has acquired the property formerly known as "Marbaya," soon to be renamed "Casa Serena" to take advantage of its Hacienda-style architecture. The garden-style community consists of 170 units set on one parcel at 36000 Fremont Blvd in Fremont, California. The purchase price of $60,000,000 ($352,941/Unit) is a 4.41% cap rate on in-place income today, and when combined with very specific value-add improvements and a low-interest rate loan, NSE expects it to outperform other assets in its portfolio.
"We are very excited about the opportunity to expand our holdings in the East Bay," said Edward Ring, founder, and CEO of NSE. "Marbaya is in great physical condition, it just needs a refreshed brand and identity, as well as some tried and true unit interior renovations that have been effective in meeting our residents' needs at our other bay area properties," added Ring.
NSE's asset management team and its designers will enhance the hacienda-style architecture with new exterior paint and finishes, repair and refresh the common area amenities, install new signage and package lockers, and update the site's landscaping. In the units themselves, NSE will add washers and dryers to every unit, and upgrade the flooring, countertops, cabinetry and appliances. Acquisitions officer, Connor Tien, added, "After our renovation, this property will surpass other assets in the immediate submarket and will compete on price with newer projects in the area."
ABOUT NEW STANDARD EQUITIES
Founded in 2010, New Standard Equities (NSE) is a full-service real estate company providing property management, asset management, construction management, and project investment. The company deploys private and institutional capital to acquire and operate multifamily assets that offer investors long-term appreciation and cash flow. While it's headquartered in Los Angeles, NSE has extensive hands-on experience in all major West Coast markets from San Diego to the Pacific Northwest.
For further information contact:
Justine Davis-Brown, New Standard Equities, Inc.
(818) 582.3589, ext 133; [email protected]
SOURCE New Standard Equities, Inc.
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