Southern California and New York investors have teamed up to buy four distressed senior-housing complexes in Las Vegas.
The $75 million acquisition — by Interwest Capital Corp. and Angelo, Gordon & Co. — closed last month.
The companies bought a rental portfolio known as Destinations Living One, which included the 344-unit Destinations at Valley View, 1600 S. Valley View Blvd.; the 416-unit Destinations at Pebble, 1450 E. Pebble Road; the 271-unit Destinations at Spring Valley, 3925 S. Jones Blvd.; and the 82-unit Destinations at Oakey, 3900 W. Oakey Blvd.
The age-restricted communities had sunk into foreclosure and were sold by CWCapital Asset Management on behalf of the bond holders, said Elliott Burrell, senior vice president of acquisitions for Interwest.
He said his group plans to “dramatically” renovate the properties’ clubhouses and apartment interiors.
Interwest, based in La Jolla, Calif., controls 4 million square feet of real estate nationally. Angelo, Gordon & Co. manages $25 billion in assets.
Their acquisitions come as numerous other investors snap up rental properties across the Las Vegas Valley, a region with a strong base of potential renters in part because of the damage caused by the housing bust. Foreclosures, bankruptcies and other financial woes prevent many Las Vegans from buying a place.
Southern Nevada’s apartment market had a 5.9 percent vacancy rate in the second quarter last year and average asking rents of $807 a month, according to Colliers International. Two years earlier, it had an 8.3 percent vacancy rate and asking rents of $770 a month.
Some investors, like Interwest and Angelo, Gordon & Co., are buying local properties in bulk.
Last month, ST Residential sold Juhl and the Ogden — two downtown high-rises — along with One Las Vegas, Loft 5 and Spanish Palms Condominiums for $237 million to New York’s Dune Real Estate Partners and KRE Capital of Beverly Hills, Calif., property records indicate.
Also last year, the Wolff Co., of Scottsdale, Ariz., acquired 14 apartment complexes from Houston’s Camden Property Trust and New York’s DRA Advisors for $200 million.