Interstate Equities Closes Institutional Fund at $215M
Interstate Equities Corporation (IEC), a vertically integrated real estate investment and management firm specializing in multifamily properties throughout California and Washington, reached the final close of IEC Institutional Fund VI (with $215 million in equity commitments. The new fund continues IEC’s value-add strategy of targeting multifamily communities of 40 to 400 units in supply-constrained West Coast markets.
As of the final close, the fund had committed nearly 30% of its capital across seven communities totaling 875 units, representing more than $330 million in total capitalization. Fund VI’s early acquisitions span workforce housing communities in San Jose, Mountain View, Sunnyvale, Redwood City and Seattle, along with two student housing assets serving the University of California, Davis. The Fund will maintain a particular emphasis on the San Francisco Bay Area, where IEC has invested since its founding.
“Institutional investors are placing a premium on clearly defined demand drivers, disciplined underwriting and a partnership orientation,” said Marshall Boyd, president and CIO of IEC. “Fund VI is small but mighty, investing with conviction in markets we have operated in for decades. The structure allows select joint venture partners to invest alongside us and extend the fund’s reach.”
Pictured: A Union City, CA apartment IEC acquired in 2023.
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Jared Ennis
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Josh A
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