Diamond-in-the-Rough Ripe for Rehab

SAN RAFAEL, CA—The 45-year-old Marin Gardens Apartments has been acquired from a private family owner. The 46-unit multifamily community located at 124 Merrydale Rd. is still in its original condition, according to Interstate Equities Corporation (IEC), an institutional fund manager. Ryan Wagner of Colliers represented both the buyer and the seller in the transaction. The price was undisclosed.

Marshall Boyd, president of IEC, tells GlobeSt.com: “This acquisition is well aligned with our overall strategy to acquire well-located multifamily assets with strong value-add potential in our two niche markets, the Bay Area and Southern California. By focusing exclusively on these two markets, we are able to identify and acquire ‘diamonds in the rough’ that will deliver attractive yields and long-term value to our investors.”