La Jolla, CA –Interwest Capital in partnership with Angelo, Gordon & Co. & Mast Capital is pleased to announce the purchase of Treasures on the Bay, located in North Bay Village, Miami FL. (1900 S. Treasures Dr. North Bay Village, FL 33141)
Treasures on the Bay is a hi-rise three building project beautifully situated between Miami and Miami Beach in North Bay Village. The hi-rise buildings are a mix of one, two, and three bedrooms located on the water in the middle of Biscayne Bay. The buildings offer stunning open water views of both Miami and Miami Beach, the project affords Interwest and its partners the opportunity to dramatically transform and reposition the project.
“One of the three buildings has recently undergone a $22m gut rehab,” says Elliott Burrell, Senior Vice President of Interwest Capital, “and while the building was originally built in 1962, everything you can possibly think of was replaced or restored in the renovation and the building looks and feels like a brand new building. I think the residents will be very impressed with the renovation and the units. And our plan is to carry this fresh approach throughout the remainder of the project, bringing new and exciting amenities to enhance our resident experience”
Interwest Capital and its Partners plan to continue the renovation and redesign of the project, including the renovation of the common areas as well as unit interiors. “We are looking forward to the process of repositioning the project to something very special”, say Elliott Burrell
About Interwest Capital Corporation
Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 2.8 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns over 4000 multi-family units and six hotels with more than 1,000 hotel rooms across the United States.
For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.