The Intersection of Urban and Suburban

IEC latest buy, the Towne at Glendale, a 126-unit multifamily property

LOS ANGELES—Interstate Equities Corp. is targeting a different type of renter with its carefully crafted value-add investment strategy in Glendale: young families. The firm—which has been active in the Glendale submarket for a decade—has acquired the Towne at Glendale, a 126-unit multifamily property with a majority of three bedroom units, for $54 million. The property fits squarely within the firm’s value-add investment strategy, but more importantly lets it target a different renter demographic than the young millennial set that so many apartment owners are after. Rather, Glendale is the perfect hub to attract a young family.

“Hollywood and Downtown Los Angeles have much more storied histories, but that is primarily the result of condos and apartment buildings targeting a younger millennial renter base,” Brendan Gibney, an acquisitions professional at IEC, tells GlobeSt.com about the difference between Glendale and other major growth markets in Los Angeles. “I wouldn’t imagine that a lot of families are moving into those properties. Glendale is appealing to a different subset of tenants. Downtown Glendale has all of the retail offerings that your need, but you are a quick shot to Downtown Los Angeles. We think it is a nicely located submarket.”