Interstate Equities Corp has bought another Bay Area multifamily property, securing a 137-unit property in Milpitas for $46M.
The purchase of the value-add property, previously called Meritage Apartments, is the fifth acquisition for IEC's $200M IEC Institutional Fund III. The firm has been targeting unrenovated and partially renovated apartment communities with 20 to 400 units in coastal infill markets, says IEC co-president Marshall Boyd. He says Milpitas is a prime example of a market ready for economic growth, with a growing tech sector and new BART station. (Want to learn more about what is drawing investors to Silicon Valley? Check out our Silicon Valley State of the Market event Sept. 15 in San Jose.)
The complex will be renamed 555 Apartments and will undergo operational improvements and management efficiencies. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors and Carlos Azucena of Marcus & Millichap brokered the sale.
Other acquisitions by the fund include Woodside North & South in Redwood City, acquired for $15.4M, and The District in Fremont for $6.88M. The fund also purchased Pacifica Glendale in Southern California for $8.05M.
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