San Diego Business Journal

Local Firm Buys Las Vegas Senior Communities for $75 Million

By Lou Hirsh Monday, January 6, 2014
Photo courtesy of Interwest Capital Corp.

Photo courtesy of Interwest Capital Corp.

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.