Summary:
- Interstate Equities Corp. acquired a two-property apartment portfolio in Davis, California, for $42.8 million, including Pepperwood Apartments and Temescal Apartments, totalling 141 units and 357 beds.
- The portfolio is located 2.8 miles from the University of California, Davis, positioning it strategically within the student housing market.
- IEC intends to shift leasing toward a by-bedroom model common in Davis, while maintaining affordability and executing targeted upgrades at Pepperwood Apartments.
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