Snell & Wilmer Represents Real Estate Investment Private Equity Firm Interwest Capital in Acquisition of $69,200,000 Multifamily Arizona PropertyNovember 11, 2021
SAN DIEGO – Snell & Wilmer advised San Diego-based real estate investment private equity firm Interwest Capital Group LLC (Interwest Capital) in its acquisition of Renew 111, a $69,200,000 garden-style multifamily property located in Mesa, Arizona.
“The property is located in one of the most dynamic markets in the country. That growth is being driven by strong demographic and investment trends. We plan to initiate a renovation program for the units, as well as plans to upgrade and expand the amenity package through upgrades to the pool and common areas,” said Interwest Capital CEO Alex Roudi in a recent Interwest Capital LinkedIn post announcing the purchase. As a result of these plans, Interwest Capital forecasts that the property will be better able to compete in a sub-market undergoing profound change and growth. The property, within walking distance to the Metro Light Rail, has been re-named “Mesa Station,” located at 111 N. Gilbert Rd, Mesa AZ and is situated just east of the heart of downtown Mesa district, with over 40 local restaurants and shopping opportunities as well as Mesa Arts Center, IDEA Museum, Pioneer Park and the Arizona Museum of Natural History. The 397-unit property features one- and two-bedroom units. The Community amenities include an expansive gym, indoor basketball court, pet park, a resort-style pool and covered parking.
Monique Lashbrook led the Snell & Wilmer team advising Interwest Capital and its affiliates in the deal with the assistance of Rosalyn "Roz" Sutton as well as other attorneys at the firm. Snell & Wilmer’s attorneys were involved in all aspects of the transaction including handling the real estate financing, real estate acquisition and corporate structuring for Interwest Capital and its affiliates. Monique and Rosalyn prepared and negotiated all corporate documents for Interwest Capital and its investors in connection with the transaction. They also negotiated the loan assumption documents, real estate documents, property management agreement and construction management agreement.
Snell & Wilmer’s real estate attorneys provide a comprehensive approach to legal services for the real estate industry. Our attorneys assist with real estate projects that range in size from single-tract transactions to multi-use developments and planned communities covering thousands of acres. Working closely with our clients, we strive to accomplish their goals and protect their business interests. Our attorneys have the industry knowledge and experience to negotiate and document real property acquisitions and dispositions and assist clients in conducting due diligence investigations in connection with these transactions. Depending on our clients’ needs with a specific project, we routinely conduct investigations and reviews involving title, land use, zoning, leasing and other contractual obligations that impact development. We also have a sizable team of attorneys experienced in environmentally challenging redevelopment matters. We frequently represent companies involved in the acquisition and disposition of a wide array of real estate projects, including master-planned communities and subdivisions as well as office, industrial, retail, mixed use and medical projects.