Interstate Equities Corporation (IEC) has finalized three multifamily acquisitions totaling about $68 million. Totaling 253 rental apartments in Washington State and Northern California, the properties were acquired from long-term family ownership groups.
In the Bay Area, IEC purchased the 72-unit Appletree in Campbell for $26.4 million from Cambridge Management Company, a Bay Area family ownership group, and the 60-unit Summerhill Place in Union City, acquired off-market for $15 million. Shivu Srinivasan, senior director at Transwestern, brokered the latter deal. IEC also acquired the 121-unit Augusta Glen apartments in the Seattle suburb of Lynnwood, WA.
“All three of these communities have the potential to be high-quality assets but right now are trading at a discount due to market forces and deferred maintenance,” said Brendan Gibney, director of investments at IEC. “Our institutional funds allow us to be opportunistic in such scenarios and invest in the renovations necessary to add tremendous value to the assets.”