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Interstate Equities reaches final close on $215M Institutional Fund VI
The fund targets supply-constrained West Coast multifamily communities with 40 to 400 units, and had committed nearly 30% of capital across seven properties totaling 875 units as of the final close.
Interstate Equities Corporation, a real estate investment and management firm focused on multifamily properties in California and Washington, reached the final close of IEC Institutional Fund VI with $215 million in equity commitments, according to ConnectCRE.
The new fund continues IEC’s value-add approach, targeting multifamily communities of 40 to 400 units in supply-constrained West Coast markets. As of the final close, the fund had committed nearly 30% of its capital across seven communities totaling 875 units, representing more than $330 million in total capitalization.
IEC said its Fund VI early acquisitions include workforce housing communities in San Jose, Mountain View, Sunnyvale, Redwood City, and Seattle. The fund also includes two student housing assets serving the University of California, Davis.
In remarks provided to ConnectCRE, Marshall Boyd, IEC president and CIO, said institutional investors are emphasizing clear demand drivers, disciplined underwriting, and partnership-oriented structures. Boyd added that Fund VI will keep an emphasis on the San Francisco Bay Area, where IEC has invested since its founding.