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SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.