Over the course of 40+ years, IEC has strategically grown and evolved in order to deliver excellent, risk-adjusted returns to our investors.
Multifamily properties located in California and Washington
We invest in multifamily properties in the San Francisco Bay Area, Santa Barbara, the greater Los Angeles area, San Diego, and the Seattle region.
Value-add opportunity
A potential acquisition would need to have a clear value-add story.
Average deal size is 100 units and 1970 vintage
We focus on assets that are often under 100 apartment units, although investments can range from 25-400 units. The typical vintage is between 1950 and 1990, though IEC will evaluate newer vintage deals with a value add component.
We provide in-house property management services
IEC’s ability to be opportunistic across a range of deal sizes is enabled by its in-house property management company.
Here is a sample of properties that tells our story as a value-add operator that specializes in respositioning unoptimized apartment buildings, bringing an institutional mind-set and capital to workforce housing. Our goal is to convert these communities into “B+” assets worthy of their surroundings and tenants through careful management and repositioning.
Citra Apartments is a 34-unit multifamily property located in Burbank, California. The property was purchased in May 2015 as an off-market deal in its original 1958-vintage condition, providing ample renovation opportunity. Over the 25-month hold period, IEC created an improved and safer living environment for current and future tenants. At disposition, Citra represented the highest per foot sale price in Burbank.
Fund
IEC NHW Fund XI
Acquired
May 2015
Vintage
1958
Units
34
Realized
June 2017
Before & After
Greenhaven Apartments is a 250-unit multifamily apartment in Union City, California – a solid B location where IEC has successfully owned and operated other properties. Seeing an opportunity to increase value, the Fund acquired the property from a public REIT in March 2011. Over the 62-month hold period, IEC was able to implement a cost effective renovation plan and modernization of the unit interiors, common area amenities, and new exterior painting scheme.
Greenhaven was sold in April 2016 to an institutional joint venture.
Fund
IEC Institutional Fund II
Acquired
March 2011
Vintage
1983
Units
250
Realized
April 2016
Before & After
Marin Gardens Apartments is a 48-unit multifamily apartment in San Rafael, California. IEC achieved its return objectives through reducing operational expenses, closing loss-to-lease and implementing a value added program. Marin Gardens’ physical plant, infill location and debt structure at acquisition provided the margins of safety we require given the point in the cycle.
Marin Gardens was sold in January 2018 to an high net worth family buyer.
Fund
IEC HNW Fund XI
Acquired
July 2015
Vintage
1964
Units
46
Realized
January 2018
Before & After