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IEC Acquires Multifamily Communities in WA, CA for $70M
Interstate Equities Corporation (IEC) has finalized three acquisitions totaling about $68 million. The deals total 253 rental apartments in Washington and Northern California, all of which are being acquired from long-term family ownership groups.
Renovations and safety improvements are planned for the properties to bring them up to modern standards. Two of the three deals were acquired off-market. “All three of these communities have the potential to be high-quality assets but right now are trading at a discount due to market forces and deferred maintenance,” said Brendan Gibney, director of investments at IEC. “Working families in the Bay Area and Seattle have been squeezed over the years, and the local housing supplies need to be adjusted to meet this dynamic.
IEC purchased the 121-unit Augusta Glen community in Lynnwood, Washington, through an off-market process for $28.25 million. IEC also acquired the 72-unit Appletree property in Campbell, California, for $26.4 million and the 60-unit Summerhill Place in Union City for $15 million.
