PORT ORCHARD – The Arbor Terrace apartment complex in Port Orchard has been acquired for $38.15 million by a Los Angeles-based real estate investment and management company and its partner.

New Standard Equities and an affiliate of Brixton Capital acquired the 276-unit complex from Sea 1800 Sidney Avenue, LP. NSE said it has budgeted $3 million to fully renovate the property, built in 1995, including its units’ interiors, fitness center, leasing facility and exterior appearance.

According to Yardi Matrix, an apartment industry intelligence website, Arbor Terrace was 93.5 percent occupied as of January. The complex is at 1800 Sidney Ave. in East Port Orchard.

In a Feb. 23 news release, NSE CEO and founder Edward Ring said the presence of the Puget Sound Naval Shipyard and other Navy installations in South Kitsap “is such a huge economic driver in the county, we became even more excited about the prospects for continued long-term growth in this submarket.”

NSE has dropped anchor in the Bremerton area in a big way, as well. It recently acquired the 12j0-unit Village Fair apartment complex for $13.25 million from a private seller. The new owner plans to spend $1.8 million to bring that 1984-vintage property up to date. In March 2016, the Los Angeles company purchased Sea Glass Village, a 182-unit community in Bremerton.

MultifamilyBiz.com reported that NSE’s combined 578-unit asset base in Kitsap County is valued at more than $65 million. Freddie Mac financed the acquisition of Arbor Terrace with a $30.15 million loan to the joint venture.

A spokesperson for NSE was not available to comment when the Arbor Terrace renovations will begin or how much the lease terms will be.