HUNTINGTON BEACH, CA—While some apartment owners and developers are over-improving, Interstate Equities Corp. is concentrating on optimizing space for the current tenant rather than fashioning it after a different tenant profile's tastes, co-president and CEO Marshall Boyd tells GlobeSt.com. As we recently reported, the institutional fund manager has acquired a 400-unit value-add multifamily asset in here, “Surf at 39,” for $134 million, and while IEC will perform upgrades to the property, it is not renovating it to class-A standards but instead keeping it a workforce-housing community.
We spoke with Boyd about the way developers are viewing workforce housing today and whether luxury development is cooling off.
GlobeSt.com: What's changed in the way developers are viewing workforce housing?
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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.
