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Interstate Equities closes Institutional Fund VI with $215M equity
Fund VI targets supply-constrained West Coast multifamily communities with 40 to 400 units and has committed nearly 30% of capital to seven communities totaling 875 units.
Interstate Equities Corporation, a real estate investment and management firm focused on multifamily properties in California and Washington, has reached the final close of IEC Institutional Fund VI with $215 million in equity commitments, ConnectCRE reported.
The fund continues IEC’s value-add strategy, targeting multifamily communities of 40 to 400 units in supply-constrained West Coast markets. At the final close, Fund VI had committed nearly 30% of its capital across seven communities totaling 875 units, representing more than $330 million in total capitalization, according to the report.
ConnectCRE said Fund VI’s early acquisitions include workforce housing communities in San Jose, Mountain View, Sunnyvale, Redwood City and Seattle. The fund also holds two student housing assets serving the University of California, Davis, with an emphasis on the San Francisco Bay Area where IEC has invested since its founding.
IEC president and CIO Marshall Boyd said institutional investors are focusing on clearly defined demand drivers, disciplined underwriting, and partnership approaches. He added that Fund VI is designed to let select joint venture partners invest alongside IEC and extend the fund’s reach.