intersate-equities

Peninsula Place: San Mateo, California < Back

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Peninsula Place: San Mateo, California

Peninsula Place was purchased from the family that originally built the asset in the 1960s. The 34 unit building had fallen into disrepair when the second generation of family owners overleveraged the asset. We had our work cut out for us. IEC repositioned “North Idaho apartments” in central San Mateo to “Peninsula Place Apartments.” The Repositioning effort included aesthetic upgrades, working with the loyal tenant base and addressing life safety issues. IEC achieved NOI growth of 19% while maintaining average occupancy of 98%. IEC sold the asset to another private owner in Q1 in 2013 for a 34% Gross IRR.