Case Studies



The Destinations Portfolio in Las Vegas was a troubled asset that Interwest originally tracked from 2010. Between 2011 and 2013, we attempted to purchase the portfolio from the special servicer who had foreclosed. When the properties were ultimately up for auction, the process was abbreviated. Because of our familiarity with the assets, we were able to capitalize quickly and fully. We finished 2013 by closing on the first portion of what would be a $150 million investment in two portfolios of four properties each—for a total of eight age-restricted multifamily properties in Las Vegas.


All eight rental complexes—Destinations at Winterhaven, Sandhill, Pueblo, Alexander, Valley View, Pebble, Spring Valley and Oakey—were branded under the Destinations name, a well-known leader in Las Vegas senior living. At the time, the local market was already well served with strong demographics and demand for senior housing—but there was no new or planned construction in the pipeline. We saw an opportunity to tap into the aging population, attracting residents 55+ who generally stay longterm in one place during their retirement years.

property key statistics

LOCATION: 8 Senior Living Assets in Las Vegas, NV

ACQUIRED: Dec 2013–Jan 2014

RESOLVED: Oct 2016 (7 of 8 Assets Sold)

PROPERTY SIZE: 2,129 Units Total

PROPERTY TYPE: Senior Living / Multifamily


SALE PRICE: $219M Total

IRR: 30-36%



Following the acquisition, we implemented common area renovations for all of the communities—a move that was extremely well received by the residents. By renovating these properties, we were able to realize consistent rental increases during our ownership period, while maintaining high renewal ratios and stable occupancy across the portfolio.


In 2016, seven of the eight assets were sold to an institutional buyer for $219 million, resulting in a 30%+ IRR—all while retaining one asset on a free-and-clear basis. As a result of the renovations, hands-on management and the ability to identify a prime investment potential in these assets, NOI increased more than 70% over the course of a less-than-threeyear hold period. As renters continued to age, we converted the last community from independent to assisted living and sold it in 2019 for close to a 2.8x equity multiple.

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