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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
- ◦Sale/Acquisition




