Interstate Equities Corp. & Clarion Partners Recapitalize Gates At Marina Apartments In Marina

The Gates at Marina Apartments in Marina, Calif., a multifamily property with 136 units, was recently valued at $45 million following a recapitalization. This strategic move came after Interstate Equities Corp. acquired the property in 2021 for $39.3 million. The complex offers one-, two-, and three-bedroom units, positioning it for further growth and investment in the Marina market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $45,000,000
• Address: 299 Carmel Avenue
• Market: Marina
• Landlord: Marshall Boyd - Interstate Equities Corp.; David Gilbert - Clarion Partners
• Broker: Berkadia

Interstate Equities Corp. completed the recapitalization of the Gates at Marina Apartments, with Clarion Partners now the majority owner and Interstate retaining a minority equity position. Berkadia played a key role in facilitating the fresh debt for the recapitalization, solidifying the property's position for future investment opportunities.