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.

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.

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.