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10/04/17
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Institutional fund manager Interstate Equities Corporation (IEC) recently closed on the $33.95 mil purchase of Verse La Mesa, a 133-unit ($255k/unit), value-add multifamily asset in the La Mesa submarket of San Diego. This acquisition was on behalf of the firm’s IEC Institutional Fund III, L.P., a fully discretionary, $200 mil commingled fund targeting value-add multifamily investments throughout coastal California.
The property, located at 7400 Parkway Dr, west of Hwy 125 and just north of I-8, consists of 84 one-bedroom units, 44 two-bedroom units, and five three-bedroom units. It is situated 15 minutes from downtown San Diego, which boasts a plethora of retail and employment hubs. In addition, the asset is within close proximity to San Diego State University, which has a student population of over 33,000.
San Diego serves as an ideal region for multifamily, according to Marshall Boyd, Co-President and Chief Investment Officer of IEC, who points to the region’s fifth consecutive year of positive job growth, with 28,900 jobs created in the metro just last year.
It is home to some of the most advanced research centers in the country, especially in the life sciences industry, which has an economic impact of $31.8 bil. In fact, last year, local life science companies received 66% of nearly $1.1 bil that was invested by venture capitalists throughout the metro.
Built in 1976, Verse La Mesa, which IEC will rebrand as “The Cove,” will undergo interior renovations as part of IEC’s value-add investment strategy. These renovations include the installation of washers/dryers and dishwashers, new paint, laminate wood floors, and upgraded fixtures throughout the units.
Shane Shafer, Ed Rosen, John Chu, and Kyle Pinkalla of Berkadia brokered the transaction. David Bleiweiss at Berkadia worked on the debt placement. The property was 96% occupied at the time of sale.
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