Why a Bay Area Landlord is Looking South
With the dearth of value-add purchase options in the Bay Area, Los Altos-based Interstate Equities looked to SoCal. The firm just acquired an off-market, 34-unit multifamily that's walkable from downtown Burbank. The Citra Apartments will get improvements the landlord hopes will increase rental rates by about $500/unit in three to six months. Rent will still be less than $1,600/month, which is laughable by Bay Area standards (remind us why we don't live in LA?). The firm plans to fill in the community’s out-of-date swimming pool, which is currently a safety hazard for 12 units that open directly in front of its edge. In its place, IEC will create a modern lounge where residents can interact and engage.