MARTINEZ, CA-Los Altos-based apartment owner and operator Interstate Equities Corp. has acquired a 168-unit complex here called Hidden Creek Apartments at 142 Fig Tree Lane via a $100 million fund that is looking for additional multifamily buys in California. Marshall Boyd, president of IEC, tells GlobeSt.com that the company bought the property from Beverly Hills-based Kennedy Wilson for $21.25 million.

Hidden Creek is the third acquisition in the San Francisco Bay Area this year for IEC, which has three other Bay Area deals in the pipeline. Boyd says that the company, which once owned a larger portfolio in the region but divested it, expects to close on those three by the end of the year, at which time it will have 550 units in the Bay Area.

IEC, which operates from its headquarters office in Los Altos and an office in Los Angeles, is looking to continue to build its portfolio both in the Bay Area and in Southern California, where it already owns 1,000 units. Its $100 million fund is a discretionary vehicle with investors from across the spectrum: institutions, private equity groups and high-net-worth individuals.