Our history reveals our trajectory

Over the course of nearly 40 years, IEC has strategically grown and evolved in order to deliver excellent, risk-adjusted returns to our investors.

Our Investment Criteria

  • Multifamily properties located in California

    We invest in multifamily properties in the San Francisco Bay Area, Santa Barbara, the greater Los Angeles area, and San Diego.

  • 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.

Institutional Fund I

2002-2007

$40M

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Institutional Fund II

2010-2016

$95M

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Institutional Fund III

2016-present

$200M

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Institutional Fund IV

2018-present

$300M

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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.

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