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10/24/24
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In a recent Bay Area multifamily trade, Interstate Equities Corporation (IEC) purchased 888 Fourth St Apartments, a 108-unit recently completed mid-rise property in the heart of downtown Santa Rosa. IEC paid $38.25 mil ($350k/unit) for the asset in an all-cash deal.
The community was about half occupied at the time of the acquisition, and IEC plans to complete the lease-up in the near term. The property sits in one of the market’s highest-performing downtown neighborhoods and projects to have strong fundamentals moving forward, according to IEC’s Director of Investments Brendan Gibney.
Philip Saglimbeni with Institutional Property Advisors was involved in brokering the transaction.
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