Interstate Equities Buys 168 Units, Targets More

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.