CAMPBELL AND UNION CITY, CALIF. — Interstate Equities Corp. (IEC) has acquired two properties in northern California for a total $41.4 million. Additionally, IEC plans to implement a value-add program for both properties, including renovations and safety improvements.
IEC bought Appletree, a 72-unit property in Campbell, from Cambridge Management Cos. for $26.4 million. Built in 1971, Appletree is situated within the West Campbell neighborhood. The company also acquired Summerhill Place in Union City for $15 million through an off-market process. Summerhill Place was built in 1986 and offers 60 units on a 2.6-acre site.