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January 25, 2018
New Standard Equities of Los Angeles has announced the fourth-quarter acquisition of the 120-unit Green Leaf Cedar Park apartments in Lynnwood for $24 million. The complex will be renovated, repositioned and renamed as the Duet, the company said. NSE describes the deal as a joint venture syndication. The company's Lamarr Wright will oversee renovations, with NSE acting as its own contractor. Speaking of NSE's West Coast investments in general, NSE founder Edward Ring said, “Unemployment has remained low ... and interest rates, despite the recent uptick, are relatively low. Multifamily remains an attractive asset class, particularly in supply-constrained, high-barrier-to entry infill markets bordering Los Angeles, San Diego and Seattle.”