Interstate Equities Corp., a Los Altos-based multifamily investor and operator, has sold a five-building, 112-unit apartment portfolio in Redwood City for $23.3 million, or $207,142 per unit.
The buyer was a private investor who traded into the portfolio in a 1031 tax-advantaged exchange, said Marcus & Millichap, which arranged the transaction.
“The continued creation of high-paying jobs in Silicon Valley is reshaping the San Mateo County apartment market and creating new opportunities for both large institutional investors and smaller private investors,” said Adam Levin, a vice president of investments at Marcus & Millichap‘s Palo Alto office. He represented the buyer and seller with Robert Johnston, a senior associate.
“Favorable market conditions in Redwood City allowed us to assemble this portfolio of 1960s-era apartment complexes and for IEC to successfully implement its renovation, stabilization and repositioning strategy,” Levin said.
Family-owned Interstate Equities specializes in smaller apartment communities with upside potential in the Bay Area and Southern California. (Read more in a company profile here.)
The Redwood City properties that sold include an 18-unit building at 152 Lincoln Ave., a 48-unit building at 180 Buckingham Ave., 8-unit buildings at 755 and 775 9th Ave., and a 30-unit building at 1331 Jefferson Ave.