BREMERTON, WA – New Standard Equities (NSE), a Los Angeles-based, full-service multifamily investment and management company, takes on two neighboring assets, Cedar Glen and Maple Manor, rebranding them as “Indigo Apartment Homes” in Bremerton, WA. With plotted capital expenditures of roughly $3.3 million, the firm expects to fully reposition the property to compete alongside its other holdings in the area.
“NSE is proud to announce the closing of Indigo Apartment Homes. Despite the challenges faced over the past year, NSE’s acquisition team was able to secure this asset at a favorable basis relative to other recent trades in the area,” said Timothy Walters, NSE’s Chief Investment Officer. Walters further added, “This was truly a collaborative effort across the organization as we were able to leverage the deep knowledge of our experienced team in Kitsap County to identify significant potential at this community while other investors were still sticking close to home.”
NSE plans on driving revenue growth through professional, technology-driven management practices and by using its local contractors and designers to do interior and exterior renovations to match residents’ demand for superior product. NSE’s “Just Right” Living™ lifestyle brand, which it deploys throughout its portfolio, aligns investor returns with their residents’ choice of higher quality living. Connor Tien, NSE’s Vice President of Acquisitions, says, “Acquiring these two deals, which we started chasing in June of 2020, from a local owner was a bit of a ‘no-brainer’ since we’ve owned and operated in Kitsap County for six years. Given our boots-on-the-ground presence with our management team, we felt we had near-perfect information on market conditions, rents, other operating income, and operating expenses.” NSE raised $8,000,000 in equity from private investors seeking to capitalize on its market knowledge and matched this with $16,975,000 of floating rate debt.

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PORTLAND, OR – Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced the groundbreaking of Modera Morrison, a contemporary mixed-use community near Downtown Portland.
Situated at 1120 SE Morrison Street, Modera Morrison will add 247 apartment homes and nearly 11,000 square feet of ground-level retail space to Portland’s rapidly growing Central Eastside. The seven-tale, podium-style structure will be LEED Silver certified, with first go-ins anticipated for 2023. The community is located between SE Belmont Street and SE Morrison Street, two of the main thoroughfares heading into downtown, which is 1.5 miles away.
“The Central Eastside and surrounding neighborhoods are among the most sought-after places to live in Portland,” said Sam Rodriguez, senior managing director of development in Portland for Mill Creek Residential. “We’re thrilled with the potential this area has to offer and are extremely excited about the tremendous growth the city is experiencing as we get started on Modera Morrison.”
Modera Morrison’s location offers immediate proximity to a multitude of local amenities and attractions. With a Walk Score of 96 and a Bike score of 97, Modera Morrison complements the unique lifestyle district emerging in the Central Eastside. The community sits within walking distance to the Moda Center, home of the Portland Trailblazers; the OregonConvention Center; and Revolution Hall, a renowned concert venue with an expansive public dog park that sits just across the street.
The surrounding pedestrian-friendly retail corridors house numerous shops, restaurants, entertainment establishments and breweries, including the well loved Modern Times and Rogue breweries. With Colonel Summers Park, Laurelhurst Park and the Eastbank Esplanade nearby, residents will have convenient access to open fields, picnic areas, bike paths, outdoor sport courts, playgrounds and a community garden.
The Central Eastside location places Modera Morrison within close proximity of Portland’s top employment centers. Just across the Morrison Bridge, downtown Portland boasts over 110,000 employees and 22 million square feet of office space. Other major employment centers in the area include the Lloyd District, the Pearl District and Oregon Health & Science University, putting more than 140,000 jobs within a quick commute.
Community amenities include a co-working space and coffee bar in the resident lobby for the ever-increasing work-from-home resident, virtual reality gaming lounge, theatre room, outdoor rooftop deck with panoramic views, rooftop bistro and lounge, yoga and Pilates studio and a club-quality fitness studio featuring individual TVs. Residents at the pet-friendly community will also have access to an onsite pet spa, private garage with controlled-access parking, dedicated bike storage and an Amazon package HUB with overflow room.
The community will offer studio, one-, two- and three- bedroom apartment homes with private balconies and den layouts available. Apartment interiors feature nine-foot ceilings, stainless steel Energy Star appliances, quartz countertops, tile backsplashes, full-size in-home washers and dryers, smart entry locks and heating and air conditioning with a programmable thermostat. Select homes will offer desk nooks.
Modera Morrison is the 10th development for Mill Creek Residential in the Portland area, joining, among others, Modera Belmont, Modera Buckman and Modera Akoya.

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DALLAS, TX – Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Lakeland Hills Senior Living. Ideally situated in the lake and garden district of east Dallas, Texas, the senior property was bought for $8.45 million. The property represents Elevation’s first acquisition in the state of Texas.
Initial operation of the 170-unit senior property started in 1987, with an additional phase completed in 1996. The community previously operated as an independent and helped living facility. Elevation will bring the property back to life and transition it to an affordable 55+ senior apartment community. The repositioning will allow Elevation to meet the needs of Dallas seniors by providing quality but elegant housing at an affordable price point. The property will be rebranded as Serenity at Dallas.
“As a large and quick-growing metropolitan area, the need for affordable housing in Dallas is greater than ever,” said Chris King, CEO of Elevation. “Revitalizing and stabilizing a community like this presents an outstanding opportunity for Elevation to bring value to our investors and deliver quality, affordable housing for seniors in Dallas.”
Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at Dallas.
The latest acquisition represents the ninth buy for Fund VII. Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana, a 496-unit senior community in Indiana, a 155-unit senior community in Tennessee, and a senior community under development in Brewster, Massachusetts.

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