IEC Divests 112-unit MF Portfolio

REDWOOD CITY, CA—Marcus & Millichap has completed the sale of Redwood City Portfolio I, a five-property 112-unit multifamily portfolio on the San Francisco Peninsula in Redwood City. The $23.2 million sales price equates to $207,142 per unit.     Adam Levin, a vice president investments, and Robert Johnston, a senior associate, both in Marcus & Millichap’s Palo Alto office, represented the seller, Interstate Equities Corporation (IEC). Levin and Johnston also represented the buyer, a private investor in a 1031 exchange. “The continued creation of high-paying jobs in Silicon Valley is reshaping the San Mateo County apartment market and creating new opportunities for both large institutional investors and smaller private investors,” says Levin. “Favorable market conditions in Redwood City allowed us to assemble this portfolio of 1960s-era apartment complexes and for IEC to successfully implement its renovation, stabilization and repositioning strategy.” “The buyer, in turn, was able to transition from a 42-unit apartment building to a five-building multifamily portfolio,” concludes Levin. The five Redwood City properties are: