High-rise commercial buildings

Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + San Diego  + Apartments  | 

Institutional Fund Manager Picks up La Mesa MF

Interstate Equities Corporation (IEC) acquired a 133-unit, value-add multifamily asset in San Diego’s La Mesa submarket for $33.95 million from an undisclosed seller on behalf of its IEC Institutional Fund III, L.P. Built in 1976, Verse La Mesa will be rebranded as “The Cove.”

IEC’s Marshall Boyd says, “Entering the San Diego market is a natural progression for our firm’s investment platform. 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.”

The 96%-occupied property located at 7400 Parkway Dr. will undergo interior renovations. These renovations include the installation of washers/dryers and dishwashers, new paint, laminate wood floors, and upgraded fixtures throughout the units.

Berkadia’s Shane Shafer, Ed Rosen, John Chu and Kyle Pinkalla brokered the transaction. David Bleiweiss at Berkadia worked on the debt placement.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With IEC’s BoydConnect With Berkadia’s Shafer

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action
New call-to-action
New call-to-action