San Diego Community Bought, Renamed and Improved
- Aug 21, 2015
By Alex Girda, Associate Editor
New Standard Equities is the new owner of a Spring Valley residential community. The L.A.-based real estate investment and management company purchased the asset from Fowler Property Acquisitions for a total of $14 million. NSE worked with Hanover Financial who provided equity for the transaction, while HFF arranged the financing from Freddie Mac. Both ends of the transaction were handled by Cushman & Wakefield representative Kyle Pinkalla.
Previously known as El Paseo, the Rancho Azul multifamily community is located at 10130 Austin Drive in the vicinity of Rancho San Diego. The 74-unit, two-story, garden-style property occupies a four-acre lot. The unit mix at the residential complex features 16 one-bedroom homes, 44 two-bedroom units, and 14 three-bedroom apartments. The acquisition is being treated as “a value-added asset in a market with a vacancy factor of less than three percent,” Edward Ring, NSE founder & CEO, noted in a press statement.
The 1976-built property will see around $1 million worth of improvements. Plans call for the addition of showers, installation of washers and dryers, upgrading kitchen appliances, countertops, cabinetry and flooring. 76 of the 117 parking spaces at the community are carports, which are set to be transformed into enclosed garages.
In 2014, the company acquired an asset in the North Park submarket. NSE paid $18.5 million for Asana at North Park, and is now investing $2.2 million into the property’s renovation.