Interstate Equities Corporation (IEC) has recently completed three acquisitions totaling $68 million, adding 253 rental apartments to their portfolio in Washington and Northern California. These properties were previously owned by long-term family groups.
To ensure that these communities meet modern standards, IEC plans to renovate and improve safety measures. Two of the acquisitions were made through off-market deals. According to Brendan Gibney, director of investments at IEC, all three properties have potential for high-quality assets but are currently trading at a discount due to market forces and deferred maintenance. He also notes that working families in the Bay Area and Seattle have been facing housing challenges over the years, highlighting the need for adjustments in local housing supplies.
One of the off-market acquisitions was Augusta Glen community in Lynnwood, Washington with 121 units purchased for $28.25 million by IEC. Additionally, they acquired Appletree property with 72 units located in Campbell California for $26.4 million as well as Summerhill Place with 60 units situated in Union City which was bought at a price tag of $15 million.
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