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February 23, 2019
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IEC Buys 400-Unit Multifamily Asset in Orange County


In a recent OC multifamily buy, Interstate Equities Corporation (IEC) has purchased Surf at 39, a 400-unit value-add multifamily asset in Huntington Beach, for $134 mil, or $335k per unit. The 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.

“Surf at 39 will remain a workforce housing community,” says Marshall Boyd, Co-President and Chief Investment Officer of IEC. “We are not moving the renovation spec to a Class A standard. Currently, approximately 80% of the units are in their original condition. The units are functional, but we will upgrade them in order to meet tenant needs, while retaining the property’s position as the best value for the dollar in its class.”

Surf at 39, which was originally constructed in 1972, consists of varying floorplans within a spacious environment offering strong amenities, including two swimming pools with spas, a fully equipped business center, a fitness facility, clubhouse, dog park and barbecue area.

Surf at 39 is located at 16761 Viewpoint Lane in Huntington Beach, 1.2 miles from the 405 Freeway, and 10 miles from John Wayne Airport. The 400-unit asset consists of two- and three-bedroom apartments and townhomes.

Sean P. Deasy and Ryan Fitzpatrick with HFF represented both parties in the transaction. In addition, HFF’s Charles Halladay and Peter Smyslowski arranged acquisition financing. Goodwin Proctor provided legal counsel and Eisner Amper an audit opinion.

Founded in 1981, Interstate Equities Corporation is an institutional fund manager that invests in and transforms California apartment communities on behalf of endowments, foundations, family offices and pension funds. IEC has navigated multiple investment cycles, investing in more than 100 apartment communities over the past 35 years with this investment thesis.

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