IEC Buys Three Multifamily Buildings for $12M

LOS ALTOS, CA-In a series of transactions that spotlight both the scarcity and high value of multifamily buildings in Silicon Valley, IEC of Los Altos, CA has spent $12.5 million for three small rental complexes in Santa Clara and Redwood City.

The sellers were all private families, each of which had owned its property for decades, according to IEC president Marshall Boyd. The most recent deal to close is the 30-unit Jefferson Apartments in Redwood City, for which the buyer paid $160,000 per unit. The Redwood City units are located across the street from a Whole Foods supermarket and two blocks away from the Redwood city commuter rail station.