IEC Institutional Fund III holds final close
California-based Interstate Equities Corp. has held a final close of $200 million for its IEC Institutional Fund III.
The value-added fund invests in California apartment communities, specifically focusing on the San Francisco Bay Area and greater Los Angeles area.
“Our focus has always been on unloved apartment communities … creating a better product for the community and a high level of service and amenities,” says Marshall Boyd, who is co-president of IEC with his sister Julia Boyd Corso.
The fund held a first close of $120 million in December 2015, according to Peter Casey, director of equity formation for IEC. The fund is currently under contract for two apartment communities in Burbank, Calif., and San Rafael, Calif., according to a statement.
IEC Institutional Fund II received investments from a mix of new and returning institutional investors. The 12 investors in the fund included family offices, endowments, fo