New Standard Equities has acquired Majestic Bay, a podium-style 81-unit apartment community located in Des Moines, Wash. The purchase price is $18 million.
Majestic Bay
“This was a tremendous opportunity, as the majority of floorplans were townhome-style units, which, in our view, is a perfect alternative to single-family homes,” said Edward Ring, founder and CEO of NSE. “Our resident base typically appreciates a higher-quality living experience, without the added burden and the high cost of home ownership.”
NSE is planning to spend approximately $1.7 million in its renovation program for Majestic Bay. Upgrades will include a new exterior design, landscaping additions, new signage and fully renovated unit interiors. The scope of the unit interior program will include new countertops, cabinetry, flooring, lighting and appliances.
It is NSE’s eighth project in the Pacific Northwest.
