Our history reveals our trajectory
Over the course of 40+ years, IEC has strategically grown and evolved in order to deliver excellent, risk-adjusted returns to our investors.
Our Investment Criteria
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Multifamily properties located in California and Washington
We invest in multifamily properties in the Bay Area, Santa Barbara, the greater Los Angeles area, San Diego, and the Seattle region.
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Value-add opportunity
A potential acquisition would need to have a clear value-add story.
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Average deal size is 120 units and 1978 vintage
We focus on assets that are often under 100 apartment units, although investments can range from 40-400 units. The typical vintage is between 1960 and 2020. IEC will evaluate newer vintage deals with a value add component.
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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.
Case Studies
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.
The Breakwater is a 400-unit multifamily property located in Huntington Beach, California. The property was purchased in December 2017 and was the biggest deal in firm history at the time. The property had a lot of deferred maintenance, and IEC renovated the property and improved operations throughout the hold period. In August 2021, the property was sold in an off-market transaction to an affordable housing group (JPA), at a price that well exceeded expectations.
Fund
IEC Institutional Fund III
Acquired
December 2017
Vintage
1972
Units
400
Realized
August 2021
Before & After
Towne at Glendale is a 126-unit multifamily property located in Glendale, California. The property was purchased from a bank that foreclosed on the asset. IEC executed a value-add program that created comfortable and quality living spaces for families whose children attended the adjacent elementary school. Operations at the property improved significantly during the Covid-19 Pandemic due to the large units. Towne at Glendale was sold in March 2022 to an affordable housing group (JPA).
Fund
IEC Institutional Fund III
Acquired
December 2016
Vintage
1965
Units
126
Realized
March 2022
Before & After
Atherton Green is a 50-unit multifamily property located in Redwood City, California – a familiar location where IEC has successfully owned and operated other properties. IEC identified a mispricing opportunity from the off-market opportunity and was able to create operational synergies from its existing portfolio and successfully refinance in 2018. The property was held for 31 months and sold to a developer in need of affordable units to satisfy a requirement for a local development site.
Fund
IEC Institutional Fund III
Acquired
September 2016
Vintage
1963
Units
50
Realized
April 2019
Before & After
