Los Altos, CA-based Interstate Equities Corp. (IEC) acquired a 137-unit, value-add multifamily property in Milpitas, CA for $46 million. The asset was acquired from an undisclosed seller through IEC Institutional Fund III, L.P., a fully discretionary, $200-million commingled fund that closed earlier this year.
Built in 1973, the property will undergo a series of capital improvements and be rebranded as 555 Apartments.
IEC’s Marshall Boyd says the firm’s strategy focuses on acquiring assets that require renovation, or those that have been partially updated. The institutional fund manager seeks “apartment communities consisting of 20 to 400 units, located in coastal infill markets that are demonstrating steady growth and are resilient to economic pressures.”
Institutional Property Advisors’ Salvatore Saglimbeni, Stanford Jones, and Philip Saglimbeni, as well as Marcus and Millichap’s Carlos Azucena, brokered the transaction.
For more on multifamily transactions, be sure to register for Connect Apartments, taking place in DTLA on September 15.
For comments, questions or concerns, please contact Dennis Kaiser
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!