Jan 06

Local Firm Buys Las Vegas Senior Communities for $75 Million

By Lou Hirsh
San Diego Business Journal

Private equity firm Interwest Capital Corp., based in La Jolla, has purchased a four-property portfolio of senior housing communities in Las Vegas, totaling 1,113 units, for $75 million.

Company officials said the acquisition was made in partnership with the New York-based private equity firm Angelo, Gordon & Co. The seller was CW Capital, acting as special servicer following loan foreclosures involving a prior ownership trust.

The Las Vegas portfolio is known collectively as Destinations Living One and includes Destinations at Valley View, Destinations at Pebble, Destinations at Spring Valley and Destinations at Oakey.

Interwest plans capital improvements and has tapped New York-based CompassRock Real Estate to oversee daily management of the properties.

Jan 05

Jewel in the Desert glittering again in downtown Chandler

By Weldon B. Johnson
The Republic | azcentral.com

It was her wedding day, and the San Marcos Hotel was the perfect place for Dorothy Woods? reception.

Woods was set to marry Phillip Ruoff on April 25, 1959, at St. Mary?s Church, about a block from the home where she grew up on Washington Street near downtown Chandler. The reception was to be at the nearby San Marcos, the town?s longtime crown jewel, a place she describes as magical.

Her special day was going to be even more special because she would change out of her wedding dress into her reception clothes in the hotel bungalow that once was the residence of Dr. A.J. Chandler, founder and namesake of her hometown.

Hotel owner John Quarty, a family friend, offered what he believed would be the icing on the cake for the 22-year-old bride: transporting Woods from her home to the church and later to the hotel in the hotel?s limousine. It was a 1933 Cadillac with a 16-cylinder engine and an open compartment up front for the chauffeur.

The car, which once belonged to Hollywood legend Joan Crawford, a former San Marcos guest, was a link to the resort?s star-studded history.

An awe-inspiring place

Splendor and mystique marked the early days of the San Marcos: an opulent playground, a hideaway for the rich and famous, a place that the common clay of an emerging Chandler, known for farming and ranching, would view from outside in an attempt to sneak a peek at those who lived lives that they could only dream about.

The San Marcos has been part of special occasions for 100 years. When it opened on Nov. 22, 1913, the hotel was Arizona?s first true luxury resort, predating the more well-known Biltmore by 16 years, and it featured the first grass golf course in the state.

Dec 12

Interwest Capital Acquires The Destinations Living Portfolio One Las Vegas, Nevada

By InterCap In 2013, Company News and Information /

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.

Jul 03

Interwest Makes Fifth Texas Acquisition

By InterCap In 2013, Company News and Information /

By Amy Wolff Sorter
GlobeSt.com

COLLEGE STATION, TX? SoCal buyer Interwest Capital Corp. has added to its Texas portfolio with the recent buy of the 904-bed Woodlands of College Station. The class A student housing complex serves Texas A&M University.

According to the Brazos Central Appraisal District, the seller was a limited partnership based in Athens, GA. The appraisal district assesses the complex at $33.8 million.

The good news when it came to the student housing property at 1725 Harvey Mitchell Pkwy. is that it?s close to 100% occupied and ?pre-leasing for the upcoming 2013-2014 academic year has been incredibly strong,? comments Interwest investment analyst Justin Shifrin.

Shifrin and Interwest vice president of acquisitions Scott Wittman tell GlobeSt.com that, from a strategic standpoint, the buy has enabled Interwest to continue its growth both in the student housing sector and in Texas, where it already owns three other multifamily properties.? Interwest has established a long history of identifying and underwriting complex and convoluted assets in growth-oriented markets,? Wittman notes. One of the markets is Texas, and Woodlands of College Station is the company?s fifth buy in the Lone Star State.

?Complex? describes the challenges in acquiring this asset. Shifrin explains that buying Woodlands of College Station had a complex governance and organizational structure. ?A total of 557 units were originally constructed, with a portion of the project dedicated as for-sale condominiums and the remainder as rental apartments,? he says. Because of this structure, Shifrin says getting the legal documentation and financial assessments for the common areas and privately owned units was challenging.

Now that Interwest has closed on the five-year-old property, the next step is to complete furnishing the remaining units (half of the units as of now are leased on a furnished basis). Shifrin adds that common area upgrades are also planned.

Jun 27

Interwest Capital Acquires The Woodlands of College Station Student Housing Community

By InterCap In 2013, Company News and Information /

La Jolla, CA ? Interwest Capital Corporation is pleased to announce its purchase of the 904-bed Class A student housing project known as The Woodlands of College Station. A management contract for an additional 440 beds was also included in the transaction. This acquisition proved to be exceedingly intricate and necessitated a delicate balance between financial, legal, and operational aspects. The underwriting and execution highlights Interwest?s ability to assemble highly-capable teams and complete complex acquisitions in record time.

Interwest is excited to have engaged Campus Advantage, one of the largest student housing operators in the United States, to manage the property. The Woodlands of College Station is the 8th multifamily property in Interwest?s diverse, and growing, commercial real estate portfolio. The 43-acre property will continue to be operated as a by-the-bed student housing community due to its close proximity to Texas A&M University?s 50,000 students.

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 3.25 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 eight apartments with nearly 2,000 units across the United States.

For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.

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