Napa Green Apartments, a 166-unit multifamily community located at 2052 Wilkins Ave. in Napa, recently underwent a $45-million recapitalization by Interstate Equities Corporation (IEC). The transaction was brokered by executive directors Jeanne Ho and Erin Troupe of JPMorgan and advised by PGIM Real Estate.
Under the new deal, PGIM Real Estate now holds the majority stake in the property while IEC retains a minority equity position in the capital stack. According to Brendan Gibney, director of investments at IEC, this partnership benefits all parties involved including residents of Napa Green Apartments. By restructuring their equity positions at an opportune time, they were able to generate cash-flow for future opportunities while still maintaining a secure position for potential returns on investment.
Despite this change in ownership structure, IEC will continue to oversee onsite management services for Napa Green Apartments. This ensures that residents can still enjoy high-quality resources and amenities seamlessly after the recapitalization process is complete.
