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| Citra Apartments, 700 South 6th Street, Burbank, CA |
Burbank, CA – In a market where value-add commercial real
estate is increasingly difficult for investors to find, Interstate Equities
Corporation (IEC) has proven that “un-loved” deals are still out there.
The firm has just acquired an off-market, 34-unit multifamily
property in a walkable distance from downtown Burbank, California - an
investment feat in today’s market, according to Marshall Boyd, President of IEC.
“This property is the type of ‘diamond in the rough’ that we
target,” says Boyd. “Built in 1958, the
community has never been renovated, making it perfectly poised for the type of
transformation that IEC is known for.”
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| Peter Casey |
Boyd notes that the asset, which is situated on 0.4 acres
approximately a mile east of Burbank’s downtown, meets each of IEC’s stringent
acquisition requirements - a strategic approach that has proven fruitful for
the firm’s institutional investors throughout the U.S.
Our niche is well located, scrappy deals,” says IEC
Director Peter Casey.
“By pinpointing our focus and acquiring
multifamily properties in Southern California and the Bay Area that are
significantly undermanaged, we are able to deliver extremely attractive yields
and risk adjusted returns to our investors.”
IEC, an institutional fund manager, invests in properties on
behalf of endowments, family offices and pension funds.
The firm has been active in investment
management for more than three and a half decades.
The Burbank asset, “Citra Apartments,” will undergo a series
of improvements that will enable IEC to grow rental rates by approximately $500
per unit in just three to six months, according to Boyd.
More information is available at www.interstateequities.com.
For a complete copy
of the company’s news release, please contact:
Jenn Quader or Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940
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