Tag Archives: manette

Bremerton Gardens apartments sell for $13M

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A Los Angeles-based real estate company purchased the Bremerton Gardens apartments for $13 million, according to a Friday news release.

The 20-acre, 182-unit Parkside Drive complex was listed for sale two years ago. The transaction closed Monday, according to public documents.

The buyer, New Standard Equities, plans to spend $3.5 million upgrading the grounds and World War II-era buildings.

9k=Planned improvements include new paths, signage, landscaping and gazebos. New façades will “evoke the vibe of a 1940s village,” according to the release. Interior updates will include hardwood flooring, new cabinetry, appliances, paint and countertops.

New Standard Equities executives were attracted to Bremerton’s strong military employment base.

“Furthermore, this property is in a prime, irreplaceable location, offering residents beautiful, unobstructed views of Puget Sound,” CEO Edward Ring said in the release. “It is also near great dining and entertainment, and a short walk to the ferry.”

Bremerton Gardens includes 113 one-bedroom apartments, 63 two-bedroom apartments, five three-bedroom apartments. The complex is served by 242 parking spaces and features a laundry center and dog park.

Redwood-Kairos Real Estate Partners supplied joint venture equity for the transaction, according to the release. Freddie Mac provided financing through CBRE, and Jim Jensen and Kenny Dudunakis of Berkadia represented both buyer and seller in the sale.

Bremerton landlords are enjoying a hot rental market this year. The apartment vacancy rate for Bremerton was about 2.6 percent at the end of 2015. The average apartment rent in Kitsap increased 15 percent in 2015, according to Apartment Insights Washington.

Bremerton Gardens wasn’t the first major apartment complex to change hands this year. In January a Seattle real estate firm bought Bremerton’s Admiral Manor apartments for $5.83 million.

Kitsap on Tap: Der Blokken Brewery

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Founded: 2010

Location: 1100 Perry Ave., Bremerton

Online: Website, @DerBlokken, Facebook

Beer sold in: Taproom/pub, kegs, some bottles

Signature beers: Praetorian pale ale, Der Blokken Double Black, Rat City Red

What’s brewing: Der Blokken Brewery has established itself as a community hub in Manette, where it occupies a sprawling corner building. It began as a brew house and pub, offering an eclectic beer selection and European-inspired food, and expanded to include a 21-and-older lounge and a game room.

The Bremerton brewery prides itself on being owned and operated by women, a rarity in the beer making world. (In fact, there’s a Pink Boots Society dedicated to advancing women in the trade.) Reina Powers became the sole owner after a recent transition. Missy Holyoak serves as manager and Amanda Brown is brewmaster.

Der Blokken is rapidly expanding its wholesale output, already producing 1,000 barrels this year. A relationship with the Rat City Rollergirls is helping grow the brewery’s presence in Seattle.

Viewpoint:

 “The pub aspect of brewing is really important. It provides people a place to come and talk… Some great ideas have started over a pint of beer.” — Reina Powers

blog.tinyKitsap On Tap is an exploration of the county’s rising craft beer industry. Find the print story, more beer features and ongoing coverage at kitsapsun.com/beer.

 Brewery Profiles: Silver City Brewery | Hood Canal Brewery | Der Blokken Brewery | Slippery Pig Brewery | Valholl Brewing | Sound Brewery | Bainbridge Island Brewing | Rainy Daze Brewing | Slaughter County Brewing | Unicycle Ale|

 

Bremerton Gardens for sale for $13.5 million

The Bremerton Gardens apartments in Manette are on the market for $13.5 million.

Agent Jim Jensen said the 183-unit complex was listed Friday. The apartments are located on 20 acres at 1014 Parkside Drive, between Wheaton Way and the Port Washington Narrows.

Jensen said owners invested $350,000 into the property before it went on the market. The apartments were built in 1942.

See the Commercial Brokers Association listing here.