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4/25/24
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Interstate Equities Corporation (IEC) has recapitalized The Gates at Marina, a 136-unit multifamily garden-style community in Marina, CA. The deal gives a co-mingled fund advised by New York-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its on-site management.
IEC acquired The Gates in January 2021 for $39.3 mil, while this recapitalization values it at $45 mil. For IEC, which owns and operates multifamily properties in the Bay Area, Seattle, and Southern California markets, the purchase enables the seamless execution of the company’s value-add strategy.
Located at 299 Carmel Ave in Marina, The Gates at Marina Apartments features a predominantly two- and three-bedroom unit mix with balconies or patios for each unit, updated kitchens, bathrooms, flooring, and appliances. An hour from Silicon Valley and less than one mile from the Pacific Ocean, the property affords residents a quiet coastal lifestyle with convenient access to renowned destinations like Monterey, Carmel-By-The-Sea, Pebble Beach, and Santa Cruz, with numerous in-town amenities.
“During our ownership we built two ADUs (accessory dwelling units), added a leasing office, refreshed the exterior, and renovated roughly half of the unit interiors. The work produced a more functional community with sustained occupancy,” noted Brendan Gibney, IEC’s Director of Investments. “Interior renovations will continue under the new partnership with Clarion Partners as the majority owner.”
Kevin Salata, Clarion Partners Vice President of Acquisitions, along with Berkadia’s Scott MacDonald, Jason Parr and Hank Workman brokered the transaction.
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