La Jolla, CA ? Interwest Capital Corporation is pleased to announce its purchase of the 1,113-unit senior housing portfolio known as Destinations Living One. A total of four properties were included in the $75,000,000 transaction: Destinations at Valley View, Destinations at Pebble, Destinations at Spring Valley, and Destinations at Oakey.
This acquisition, in partnership with Angelo, Gordon & Co., was executed within one month of identifying the investment target. A diligent balance between financial, legal, and operational aspects were addressed in the abbreviated timeframe. Closing the transaction swiftly highlights Interwest?s ability to assemble highly-capable teams and complete complex acquisitions in short-order.
Interwest is excited to have engaged CompassRock Real Estate, a firm with 30,000 units under management, to run the day-to-day aspects of the properties. The four Destinations properties represent Interwest?s 12th multifamily acquisition in its diverse, and growing, commercial real estate portfolio. The four properties will continue to be operated as age-restricted communities while they undergo capital improvements to keep the properties fresh and competitive.
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 4.00 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 12 apartments totaling 3,100 units across the United States.
For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.