Institutional fund manager and value-add investor, Interstate Equities Corporation (IEC), has announced the final close of its fourth institutional fund, IEC Institutional Fund IV with $300 million in equity commitments. The fund surpassed its $250 million target.
The fund, which will invest in the acquisition, renovation and repositioning of value-add multifamily properties across California, follows the closing of the firm’s IEC Institutional Fund III, in 2015, which was its first fully discretionary, commingled fund that garnered $200 million in equity commitments.
Marshall Boyd, co-president and CIO of IEC, said in a statement that IEC had a 100-percent reinvestment rate from IEC Institutional Fund III institutional investors and added one new investor.
IEC targets ‘unloved’ or ‘diamond in the rough’ apartment communities, specifically in major California metros, where there are significant opportunities for value enhancement. In addition to its fo
