California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
IEC Acquires Orange County Value-Add MF for $134M
Los Altos, CA-based Interstate Equities Corporation (IEC) acquired Surf at 39, a 400-unit multifamily asset in Huntington Beach, CA for $134 million. The value-add acquisition was made 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.
The asset at 16761 Viewpoint Lane consists of two and three-bedroom apartments and townhomes. Surf at 39, which was originally constructed in 1972, will remain a workforce housing community, notes IEC’s Marshall Boyd. Even though roughly 80% of the units are in their original functional condition, IEC will upgrade them in order to meet tenant needs.
HFF’s Sean Deasy and Ryan Fitzpatrick represented IEC, and the undisclosed seller. In addition, HFF’s Charles Halladay and Peter Smyslowski arranged acquisition financing.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




