multifamily Interstate Equities Corp. Brendan Gibney acquisition value-add IEC Institutional Fund III L.P.
Marshall Boyd, co-president and chief investment officer of IEC said, in a prepared statement, “Entering the San Diego market is a natural progression for our firm's investment platform.” He said the firm specializes in acquiring unrenovated or partially renovated assets in coastal infill markets in the Bay Area and top markets in Southern California. “Over the years, as our firm has researched San Diego, we came to recognize the San Diego multifamily market is operationally resilient and has many similar characteristics to our best markets.”
Built in 1976, Verse La Mesa, which IEC will rebrand as the Cove, will undergo interior renovations including the installation of washers/dryers and dishwashers, new paint, laminate wood floors and upgraded fixtures throughout the units.
We spoke with Gibney about the firm's interest in the San Diego market and the La Mesa submarket.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
