Snell & Wilmer Represents Real Estate Investment Private Equity Firm Interwest Capital in Acquisition of $45 Million Multifamily Community in Southern California’s Inland EmpireJune 16, 2022
SAN DIEGO – Snell & Wilmer advised San Diego-based real estate investment private equity firm Interwest Capital Group LLC (Interwest Capital) and their affiliates in its acquisition of Renew Mills (recently rebranded to Veranda Ontario), a $45 million multi-family community located in Ontario, California.
“Renew Mills, or Veranda Ontario as we now call it, presented the opportunity to acquire and reposition a quality asset in one of the strongest rental markets in the US with attractive financing resulting from a loan assumption. The property is located in an idyllic residential neighborhood, with easy access to both the Ontario International Airport as well as the Riverside Metrolink light rail which will provide our residents with an easy commute to both Orange County and Downtown Los Angeles,” said Director of Acquisitions Elliott Burrell in a recent Interwest Capital LinkedIn post announcing the purchase. “Veranda Ontario will undergo $2,000,000 in renovations and upgrades. The planned renovations for the community include a substantial upgrade to the common areas and unit interiors. These capital projects will improve the community in a meaningful way, setting the bar for the local market.” The property, which is Interwest Capital’s second acquisition in Southern California’s Inland Empire this year, was constructed in 1987 and is comprised of 142 units.
Monique Lashbrook led the Snell & Wilmer team advising Interwest Capital and their affiliates in the deal with the assistance of Rosalyn 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 their affiliates. Monique and Rosalyn prepared and negotiated all corporate and securities documents for Interwest Capital and their investors in connection with the transaction. They also negotiated the loan assumption documents, real estate acquisition 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.