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8/07/15
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Interstate Equities Corporation (IEC) has acquired Marin Gardens, a rare, un-renovated 46-unit multifamily community in San Rafael. The asset, which was sold by a private family owner, was 95% occupied at the time of sale.
Photo: Digital Sky Aerial Imaging |
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Originally constructed 45 years ago, Marin Gardens Apartments is still in its original condition, providing a tremendous opportunity to create value. IEC plans to implement immediate interior and exterior upgrades, including modern fixtures, custom paint and the addition of modern, drought-resistant landscaping.
“This was a unique opportunity based on location and property condition,” noted Marshall Boyd, President of IEC. “In Marin County, very few apartment communities in the 25 – 100-unit range are ever available for sale. Families tend to own these properties for generations.
According to Boyd, the company only acquires multifamily properties in the Bay Area and Southern California with significant opportunity to add value. Based on the firm’s planned upgrades, and likely increases in demand, IEC expects to grow rents steadily.
Ryan Wagner of Colliers represented both the buyer and the seller in the transaction. Founded in 1981, Interstate Equities Corporation (IEC) is an institutional fund manager that invests in and transforms California apartment communities on behalf of endowments, foundations, family offices and pension funds.
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