August 23, 2016
Los Altos, CA-based Interstate Equities Corp. (IEC) acquired a 137-unit, value-add multifamily property in Milpitas, CA for $46 million. The asset was acquired from an undisclosed seller through IEC Institutional Fund III, L.P., a fully discretionary, $200-million commingled fund that closed earlier this year.
Built in 1973, the property will undergo a series of capital improvements and be rebranded as 555 Apartments.
IEC’s Marshall Boyd says the firm’s strategy focuses on acquiring assets that require renovation, or those that have been partially updated. The institutional fund manager seeks “apartment communities consisting of 20 to 400 units, located in coastal infill markets that are demonstrating steady growth and are resilient to economic pressures.”
Institutional Property Advisors’ Salvatore Saglimbeni, Stanford Jones, and Philip Saglimbeni, as well as Marcus and Millichap’s Carlos Azucena, brokered the transaction.
For more on multifamily transactions, be sure to register for Connect Apartments, taking place in DTLA on September 15.
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