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**Interstate Equities, PGIM Partner on $272M Multifamily Portfolio Acquisition**
Interstate Equities Corporation (IEC) has completed the acquisition of the mResidences Portfolio, a four-property, 574-unit multifamily portfolio spanning the Silicon Valley and Seattle markets, for $272 million. The acquisition was carried out as a joint venture with PGIM, which holds a majority equity interest.
The portfolio includes three California-based assets: The Maddox in Sunnyvale, Catalyst Mountain View in Mountain View, and Cirrus Redwood City in Redwood City. The fourth property, Cumulus SLU, is located in Seattle’s South Lake Union neighborhood.
Built between 1987 and 2015, the portfolio presents a blend of immediate cash flow and long-term value potential. IEC plans to implement a series of value-add improvements and amenity upgrades to enhance operations and increase net operating income across all properties.
“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,” said Marshall Boyd, co-president and Chief Investment Officer at IEC.
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