(La Jolla, CA) (June 4, 2014) — Interwest Capital Corporation, a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets, has closed escrow on the purchase of an 876-bed student housing complex in Tallahassee, Florida. The complex, West 10, is located next to Florida State University and Tallahassee Community College. Florida A&M University’s students are within three miles of West 10.
Originally built in 2006, West 10 includes nine garden-style residential buildings on 20 acres. The complex will undergo a major capital improvement campaign of its 11,500 sq. ft. clubhouse, that includes a 2,500 sq. ft. fully air conditioned indoor basketball court, adjoining outdoor pool and grounds area and some upgrades for the student units.
“West 10 is a great property that will be even more appealing with the planned renovations to the clubhouse and grounds this year,” said Alex Roudi, CEO and chairman of Interwest Capital Corporation. “The improvements we will make to the property, both interior and exterior, are in line with our focus on value-added strategies and driving returns by repositioning assets.”
Located at 2614 West Tennessee Street, improvements to West 10’s clubhouse will be significant with renovations from floor to ceiling. Exterior improvements may include an expanded pool area with new water features, fire pits, sand volleyball courts, hammocks and more. Anticipated completion of the project is year-end 2014.
For more information on Interwest Capital Corporation, visit www.interwestcapital.com.
About Interwest Capital Corporation
Interwest Capital is a La Jolla, CA-based private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 5.15 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. For 2014, Interwest is aggressively targeting multifamily and hospitality investments throughout the United States.
For more information visit www.interwestcapital.com.###