Local Firm Buys Texas Apartments for $17.2 MillionMonday, March 12, 2012
Interwest Capital Corp. of La Jolla has purchased a 300-unit apartment complex in Denton, Texas, for approximately $17.2 million, a spokeswoman for the investment firm said March 12.
The seller of the property, built in 1985, was Camino Del Sol Apartments NF LP. The 24-building complex on more than 11 acres will be managed by Seattle-based Pinnacle Family of Cos., according to an Interwest statement.
The privately held Interwest was founded in 2003 and has a national portfolio of apartment, retail, hotel and office buildings, and also holds commercial loan portfolios.
Its local investments have included Monarch at Scripps Ranch apartments (sold in 2010), The Plaza at Scripps Ranch office complex, and the Viridian Lofts apartment building in downtown San Diego.
— Lou Hirsh