Interstate Equities Corporation (IEC) has recently completed the acquisition of three multifamily properties, totaling $68 million. These properties, located in Washington State and Northern California, consist of 253 rental apartments that were previously owned by long-term family groups.
In the Bay Area, IEC purchased Appletree in Campbell for $26.4 million from Cambridge Management Company – a local family ownership group. Additionally, they acquired Summerhill Place in Union City for $15 million through an off-market deal facilitated by Shivu Srinivasan from Transwestern. In Seattle’s suburb of Lynnwood, WA., IEC also acquired Augusta Glen apartments – a 121-unit property.
According to Brendan Gibney – Director of Investments at IEC – these communities have great potential as high-quality assets but are currently trading at discounted prices due to market conditions and deferred maintenance issues. However, with their institutional funds and opportunistic approach towards such scenarios,I EC plans on investing in necessary renovations to significantly increase the value of these assets.
This recent acquisition marks another successful venture for Interstate Equities Corporation as they continue to expand their portfolio with strategic investments across various markets.
