Marshall Boyd Boyd: “Generally, private ownership of apartments has led to fewer upgrades occurring in the housing stock.”

HUNTINGTON BEACH, CA—While some apartment owners and developers are over-improving, Interstate Equities Corp. is concentrating on optimizing space for the current tenant rather than fashioning it after a different tenant profile’s tastes, co-president and CEO Marshall Boyd tells As we recently reported, the institutional fund manager has acquired a 400-unit value-add multifamily asset in here, “Surf at 39,” for $134 million, and while IEC will perform upgrades to the property, it is not renovating it to class-A standards but instead keeping it a workforce-housing community.