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Well-Located Distressed Assets Are Not Extinct

BURBANK, CA—Interstate Equities Corp. buys a 34-unit value-add multifamily property that is walking distance to Downtown Burbank with plans to renovate the property and raise rents by $500 per unit.

By Kelsi Maree Borland | Updated on May 11, 2015

BURBANK, CA—Interstate Equities Corp. has purchased as 34-unit distressed multifamily asset in Downtown Burbank. The investor plans to renovate and reposition the circa-1958 property, which has never before been renovated, and raise rents by $500 per unit. The purchase shows that well-located distressed assets are not extinct. The property was purchased off market.

“It has gotten hard to find properties like this,” Peter Casey, director at IEC, tells GlobeSt.com. “We really rely on our broker network, so the idea of leveraging these owners on the ground is the way we really go about it.” Marshall Boyd, president of IEC, adds, “There is no shortage of high net-worth capital or institutional capital chasing value-add deals where you can transform cash flows over a relatively short period of time. If this property had come to market, there would have been a number of interested buyers.”

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