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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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout