By DAN RICHMAN
drichman@whidbeynewsgroup.com
Oak Harbor’s Island Homestead Estates has a new name and will get a million-dollar makeover from its new owner, which says it will go out of its way to welcome military tenants.
That’s a good thing, because Whidbey Island Naval Air Station is about to outgrow its on-base housing.
Some real estate companies “are skittish about being so heavily dependent on the military, but our research showed that NAS Whidbey Island is very well entrenched and won’t be going anyplace soon,” said Eddie Ring, founder and CEO of New Standard Equities, Los Angeles, which paid $7.5 million for the 107-unit property on Aug. 4.
The complex is about 1.5 miles from the base.
“We were comforted by the fact that the government is expanding and improving the base in order to effectively house some new squadrons,” Ring said. “We love the Pacific Northwest and are very excited about this acquisition.”
The building, at 945 N. Oak Harbor St., on Aug. 5 was renamed Anchor Pointe Apartments. Its one-, two- and three-bedroom units will get their own washers and dryers, and the building will get a fitness center and a dedicated leasing office.
Countertops, cabinets and appliances will be upgraded. The renovations will cost about $1 million, Ring said.
New Standard put in $3 million toward the purchase. RealtyMogul, a crowdsourcing real estate investment firm in Los Angeles, put up about $2 million. The rest was paid for by a loan from Freddie Mac. Rents run about $800 to $1,000 per month, and occupancy is steady, Ring said.
The new owners know rentals are trickier for active-duty military, who need to be able to break their leases in a hurry when deployed, Ring said. They’re ready to make the necessary adjustments for dealing with the military.
“I have knowledge and understanding of how to operate an apartment building with a higher percentage of military,” Ring said.
The military-friendly building comes at a good time for the base, said Mike Welding, a base spokesperson. Right now about 7,200 active-duty military personnel staff the base.
That number will likely grow to 7,900 in 2018, and it could increase to 8,900 if the Navy gets all the Boeing EA-18G Growlers it’s seeking, Welding said.
“I know 8,900 people won’t fit on the base,” he said. “I don’t think 7,900 will fit, either. There are only so many housing units on the base.”
