San Diego Source – The Daily Transcript
LA JOLLA — Private equity firm Interwest Capital Corporation announced it has purchased a four-property portfolio of senior housing communities called Destinations Living One in Las Vegas, totaling 1,113 units, for $75 million.
The properties are Destinations at Valley View, Destinations at Pebble, Destinations at Spring Valley and Destinations at Oakey. The four properties will continue to be operated as age-restricted communities while they undergo capital improvements.
The acquisition was in partnership with Angelo, Gordon & Co., a New York-based private equity firm.
Interwest has engaged CompassRock Real Estate, a New York-based firm with 30,000 units under management, to run the day-to-day aspects of the properties.
The properties represent Interwest’s 12th multifamily acquisition in its real estate portfolio.
Interwest specializes in the acquisition, operation and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets.
It now owns 12 apartments totaling 3,100 units across the country.