Snell & Wilmer Represents Real Estate Investment Private Equity Firm Interwest Capital in Acquisition of $36 Million Multifamily Southern California PropertyFebruary 11, 2022
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 Riverside Apartments, a $36 million garden-style multifamily property located in Riverside, California.
“The Riverside-San Bernardino market has one of the lowest vacancy rates in the U.S. The strong vacancy, robust demographic growth, the continued expansion of the industrial distribution economy, limited new supply, as well as migration pattern primes the Inland Empire markets for robust rent growth. We are very excited about the acquisition. We plan to continue the 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 Director of Acquisitions Elliott Burrell 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, located in the heart of Riverside, and close walking distance to a new retail center that is under construction, has been re-named “Veranda Riverside” located at 6195 Pegasus Drive, Riverside, California 92503.
Monique Lashbrook led the Snell & Wilmer team advising Interwest Capital and their 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 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.