IEC has purchased The Bungalows at Mathilda Avenue, a 68-unit building in the city of Sunnyvale on behalf of IEC Fund X & IEC Fund XI. The $16.1 million sale price equates to approximately $235,000 per unit. Built in 1964, The Bungalows consists of six 1 and 2 story buildings, situated on 1.92 acres. The majority of the units have vaulted ceilings. The buildings are arranged around a central swimming pool. IEC plans to improve the units through its strategically implemented, value add program.
“The Bungalows ticked the boxes of what we look for in an investment,” said Marshall Boyd, Co-President of IEC. “This is arguably the strongest infill location the company has bought in its 30 year history. Sunnyvale’s proximity to high quality jobs and transportation nodes, in addition to the relative under-management of the asset, got us excited about this investment.”
Adam Levin of Marcus & Millichap brokered the transaction and HomeStreet Bank arranged the debt.