Case Studies

Gloria Park Villas & Tower at Tropicana


In 2016, Interwest partnered with an institutional investor and a local operator to acquire a portfolio of assets comprising two multifamily properties—Gloria Park Villas & Tower at Tropicana, featuring 500 one-, two- and three-bedroom apartments nestled in the hub of Las Vegas, and an office/retail property in Phoenix. Our interest was in the apartment communities because of their prime location near the University of Nevada – Las Vegas, where vacancies tend to get filled quickly.


The seller was a foreign entity, without key real estate operations, who was seeking to exit all of its US holdings. After owning the assets for over 20 years, the seller insisted on packaging the properties as a whole. We negotiated the advantageous purchase of the entire portfolio, selling the office/retail component within six months of acquisition and leaving ownership with the two Gloria Park properties.

Though both properties were in a stable market and condition, prior ownership’s conservative management approach prioritized high occupancy with little regard for increasing rents. The acquisition was presented as an offmarket opportunity, which we consummated in November 2016 at a price of $83,000 per unit—far below the market average for this type of product.

property key statistics

LOCATION: 3625 S Decatur Blvd, Las Vegas, NV 89103

ACQUIRED: Nov 2016

RESOLVED: Nov 2017


PROPERTY TYPE: Multifamily



IRR: 101%



Our business plan focused primarily on increasing rents on new leases and renewals to achieve higher rents more in line with the market. At the same time, we launched several building capital projects—including exterior building paint and new HVAC units for all apartments— at a total cost of about $1.6 million.


Shortly after the acquisition, an investment firm approached us about buying the assets. Both Gloria Park properties were put under contract and sold 12 months later for $21 million over the original purchase price—generating a 101% IRR and a 2.09x equity multiple.

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