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California  + Bay Area  + Apartments  | 

Interstate Equities, PGIM Partner on $272M Portfolio Buy

Interstate Equities Corporation (IEC) completed the acquisition of mResidences Portfolio, a four-property, 574-unit multifamily portfolio spanning Silicon Valley and Seattle markets for $272 million. The deal was completed in a joint venture with PGIM, with PGIM holding a majority of the equity interest.

Three of the assets are located within California: The Maddox in Sunnyvale, Catalyst Mountain View in Mountain View and Cirrus Redwood City in Redwood City. The fourth asset, Cumulus SLU, is in the South Lake Union neighborhood of Seattle.

Built between 1987 and 2015, the portfolio offers a combination of immediate cash flow and long-term upside. IEC will implement value-add improvements and amenity enhancements designed to optimize operations and improve net operating income across all assets.

Marshall Boyd, co-president and CIO at IEC, said, “The transaction aligns with IEC’s broader strategy of accessing both boutique projects as well as more complex large-scale transactions via the same fund.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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