Sometimes, the money has to be the “lede” of a story: Interstate Equities Corporation (IEC) has closed its fifth institutional fund with $445 million in equity commitments.

IEC is a fund manager and value-add investor. This is IEC’s fifth round of funding like this.

The fund, which will “invest in acquiring, renovating, and repositioning value-add multifamily properties across California and Washington, follows the firm’s closing of its ‘IEC Institutional Fund IV’ in 2018 that garnered $300 million in equity commitments,” according to a news release.   

IEC invests in value-add multifamily communities in California and Washington with an emphasis on workforce communities. IEC also takes a vertically integrated approach across its portfolio. 

The company targets dated multifamily apartment properties and transforms them into modernized, boutique-style assets at attractive price points, per the release.

Illustrating the above point: 

IEC acquired more than $700 million of apartment assets in the past 12 months. Most recently, this included a 146-unit community in Mission Valley, California, from families who owned the asset for decades, and The Bryant, a 400-unit community in Yorba Linda, Calif.