In a recent Bay Area multifamily trade, Interstate Equities Corporation (IEC) purchased 888 Fourth Street Apartments, a 108-unit recently completed mid-rise property in the heart of downtown Santa Rosa, California.
The community was about half occupied at the time of the acquisition, and IEC plans to complete the lease-up in the near term. The property sits in one of the market’s highest-performing downtown neighborhoods and projects to have strong fundamentals moving forward, according to IEC’s Director of Investments Brendan Gibney.
Philip Saglimbeni with Institutional Property Advisors was involved in brokering the transaction. The property is professionally managed by Greystar.
888 Fourth Street Apartments feature studio to two-bedroom and 1- to 2-bathroom floorplans which range in size from 350 to 1,000 square feet. Amenities include a lounge, fitness center, hot tub, spa, media center/movie theatre, roof terrace, grill, picnic area, fire pits, and a Zen Garden. Additional residential perks include bike storage with EV bike charging, outdoor movie theater, pool table room.
Interstate Equities Corporation (IEC) is a fully integrated owner and operator of value added apartments in California. IEC operates primarily in Northern California and the broader LA region. The firm was founded in 1981. IEC currently invests out of a discretionary fund and has a focus on culture, residents and investors.
