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| IEC Buys 133-Unit Apartment Community in La Mesa, San Diego, CA |
San Diego, CA – Institutional fund manager
Interstate Equities Corporation (IEC) has moved into the San Diego market with
the $33.95 million acquisition of a 133-unit, value-add multifamily asset in
the La Mesa submarket of San Diego.
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| Marshall Boyd |
This acquisition was on
behalf of the firm’s IEC Institutional Fund III, L.P., a fully discretionary,
$200 million commingled fund targeting value-add multifamily investments throughout
coastal California.
“Entering the San Diego
market is a natural progression for our firm’s investment platform,” says Marshall Boyd, Co-President and Chief
Investment Officer of IEC.
“We are extremely selective buyers and
specialize in strategically acquiring unrenovated or partially renovated assets
in coastal infill markets in the Bay Area and top markets in Southern
California.
"Over the years, as our firm has researched San Diego, we came to
recognize the San Diego multifamily market is operationally resilient and has
many similar characteristics to our best markets. This is why the extension was
natural for our firm.”
More information is
available at www.interstateequities.com.
For more information on this press release, please
contact:
Lauren Burgos/ Jenn Quader
Brower, Miller & Cole
(949)
955-7940
