By Alex Girda, Associate Editor
The RealtyMogul.com revolution continues, with a Washington state multifamily property recently purchased using funds sourced via the marketplace. Anchor Pointe Apartments in Oak Harbor was acquired by project sponsor New Standard Equities with the help of investors accredited by the website, a press statement announcing the transaction shows.
Located about 70 miles north of Seattle, in Oak Harbor, Anchor Pointe Apartments is a 107-unit garden-style apartment community. The 26-year-old asset is 1.5 miles away from the Naval Air Station Whidbey Island. Residents at the property benefit from an amenity package that includes private patios and balconies, covered parking and an on-site laundry center. New Standard Equities’ involvement in the purchase is no surprise, as the company has extensive experience in the military housing sector.
As part of the agreement with the crowdfunding website, sponsor New Standard Equities will assume all aspects of the investment, including purchasing the property, overseeing renovations and then selling the property. Meanwhile, investors paired through RealtyMogul.com will participate as equity stakeholders and potentially earn a share of the cash flow and asset appreciation.
RealtyMogul.com CEO Jilliene Helman highlighted the transaction as “an opportunity to invest in a well-occupied multifamily property located near an established naval air base, with strong military demand for off-base housing due a shortage of on-base (housing).” New Standard Equities is looking at the asset as a value-add opportunity. It plans to add washer/dryers in some of the units, install a new fitness center and make a number of exterior improvements.