The Breakwater
- 400
- 1972
- December 2017
- August 2021
- IEC Institutional Fund III
Purchased December 2017, the biggest deal in firm history at the time.
Since 1981
Strategy built on integrity.
Interstate Equities has bought, rebuilt, leased and managed California and Seattle multifamily since 1981 — 168 asset realizations, six institutional funds, and operations that run from investments and construction through leasing and property management.
Request the firm overview1981
40+
168
$445M
The Firm
“Since 1981, Interstate Equities has been investing in, managing, and transforming multifamily apartments across California and the Seattle region. We deliver thoughtfully designed living environments to our residents and superior, risk‑adjusted returns to our investors.”
Driven by process and experience
Interstate Equities is a vertically integrated real estate investment and management firm in California. Our niche is finding dated multifamily apartment properties and transforming them into affordable, updated, boutique‑style assets. We are uniquely positioned in our markets, having neighborhood‑level expertise that we have gained from 168 asset realizations since 1981.
One chain, no handoffs
Our operations are unified and entirely in‑house, from investments and construction to leasing and property management. We are hands‑on at every step.
- Investments — Underwriting and acquisition, run by the Investment Committee.
- Construction — Repositioning dated assets into updated, boutique‑style housing.
- Leasing — Our own leasing operation.
- Property management — IEC Property Services Corporation, the in‑house manager that lets IEC be opportunistic across a range of deal sizes.
The record
Sixteen dated entries, not small print. Every entry below carries a year — the one exception is printed as an exception, not smoothed over.
1981–1999
Founded by a Professor of Economics. The reading habit starts here — see /read/, below.
- Dr. James Boyd is first in‑house PhD at Marcus & Millichap.
- Interstate Equities Corporation is founded by Dr. James and Deborah Boyd.
- First discretionary high net worth pools of capital.
2002–2016
Funds I and II open and close inside this span. Fund III's own year is disputed — see the note below.
- First institutional relationship. $50M joint venture partnership. Fund I opens · $40M
- Founder James Boyd passes away. Marshall Boyd and Julia Boyd Corso take over as Co‑Presidents. IEC systematically sells its institutional portfolio. Fund I closes
- $100M separate account with an endowment. Formal Investment Committee created. Fund II opens · $100M
- IEC raises Fund III, a $200M commingled fund in a single close. dated here, not in the index below
- IEC systematically sells 20 assets, including its separate account deals. Fund II closes
2018–2026
Funds IV through VI. Seattle in 2021, San Diego in 2025.
- 100th asset realization. IEC raises Fund IV, a $300M commingled fund in a single close.
- Sells part of Fund III ahead of schedule. Investment Committee expands to six members.
- Acquires first asset in the Seattle region. Sells the largest deal in firm history. Receives the DEI Honor Roll Honor Award from Pension Fund Investor for the first time. Earns Great Place to Work Certification. Celebrates its 40‑year anniversary.
- Raises Fund V, a $445M commingled fund exceeding hard cap in a single close. Earns Great Place to Work Certification.
- Re‑enters market in Q3 with three acquisitions. Earns Great Place to Work Certification.
- Investment Committee's average tenure at IEC reaches 11 years.
- Launches Fund VI. Re‑enters the Bay Area and acquires a 21‑acre site by Nvidia. Opens San Diego office.
- Closes Fund VI. Two Investment Committee members cross ten years at IEC.
Six institutional funds
An index, not a rate card. Fund III carries its amount and no year: the firm's own pages give two different years for this raise. We print the number and leave the year open.
| Fund | Years | Size | To scale | Note |
|---|---|---|---|---|
| Institutional Fund I | 2002–2007 | $40M | — | |
| Institutional Fund II | 2010–2016 | $100M | — | |
| Institutional Fund III | Year withheld | $200M | The client's own pages disagree. | |
| Institutional Fund IV | 2018 | $300M | — | |
| Institutional Fund V | 2022 | $445M | Raised above hard cap in a single close. | |
| IEC Fund VI | 2025–2026 | Not published | Launched 2025, closed 2026. |
What we buy
Multifamily properties in the Bay Area, Santa Barbara, the greater Los Angeles area, San Diego, and the Seattle region.
A potential acquisition would need to have a clear value‑add story.
Average deal size is 120 units and 1978 vintage. Often under 100 units, though investments can range from 40–400 units, vintage 1960–2020.
IEC's ability to be opportunistic across a range of deal sizes is enabled by its in‑house property management company.
Case studies
A sample of properties that tells our story as a value‑add operator that specializes in repositioning unoptimized apartment buildings, bringing an institutional mind‑set and capital to workforce housing.
Towne at Glendale
- 126
- 1965
- December 2016
- March 2022
- IEC Institutional Fund III
A 126‑unit multifamily property in Glendale, California.
Atherton Green
- 50
- 1963
- September 2016
- April 2019
- IEC Institutional Fund III
A familiar location where IEC has successfully owned and operated other properties.
Lifelong learning
IEC was founded by a Professor of Economics, and his appreciation for lifelong learning is a core cultural value of the firm. We believe that both continuous and diverse learning is the key to wisdom and ultimately success. Below are a few books that have inspired us internally.
Twenty‑two books are published on the shelf today — 22, each with a written note. Treated as real editorial, not a footer link.
The Outsiders
The Lessons of History
Am I Being Too Subtle?
The Path between the Seas
Influence: The Psychology of Persuasion
1929
People are the product
The IEC team blends the legacy of its heritage with dynamic energy — entrepreneurial, creative and nimble, with the acumen and fiduciary integrity of an institutional owner.
The Investment Committee's average tenure reached 11 years in 2024. In 2026, two more members crossed ten years.
Marshall Boyd
Julia Boyd Corso
David Shin
Kelly Tang
Brendan Gibney
Nikki Chavez
Recognition
- Great Place to Work Certified — 2021, 2022, 2023
- DEI Honor Roll Honor Award, Pension Fund Investor — first received 2021
Start a conversation
One contact action, routed to the Director of Capital Formation. It exists so the capital‑formation team has one link to send.
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