LOS ALTOS, CA—Interstate Equities Corp. has finalized the recapitalization of The Gates at Marina, a 136-unit multifamily garden-style community in Marina, CA. The deal gives a co-mingled fund advised by New York City-based Clarion Partners a majority stake in the property, while IEC retains a minority equity position and will continue its on-site management, says Brendan Gibney, IEC's Director of Investments, in a prepared release.
IEC acquired The Gates in January 2021 for $39.3 million, and today's recapitalization values it at $45 million.
"It's a win-win – not just for IEC and our partner, Clarion Partners, but also for the residents who will maintain the same high level of services to which they are accustomed," Gibney said in the release. "In a chronically undersupplied market like Monterey County, The Gates Apartments meets the demand for upgraded yet affordable rental homes."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
