ZZZ - GMG - VEGAS INC 2011-2014

In business real estate Investors snatch up four senior housing complexes in foreclosure By Eli Segall staff writer Southern California and New York investors have teamed up to buy four distressed senior-housing complexes in Las Vegas. The $75 million acquisition — by Interwest Capital Corp. and Angelo, Gordon & Co. — closed last month. The companies bought a rental portfolio known as Destinations Living One, which included the 344-unit Destinations at Valley View, 1600 S. Valley View Blvd.; the 416-unit Destinations at Pebble, 1450 E. Pebble Road; the 271unit Destinations at Spring Valley, 3925 S. Jones Blvd.; and the 82-unit Destinations at Oakey, 3900 W. Oakey Blvd. The age-restricted communities had sunk into foreclosure and were sold by CWCapital Asset Management on behalf of the bond holders, said Elliott Burrell, senior vice president of acquisitions for Interwest. He said his group plans to "dramatically" renovate the properties' clubhouses and apartment interiors. Interwest, based in La Jolla, Calif., controls 4 million square feet of real estate nationally. Angelo, Gordon & Co. manages $25 billion in assets. Their acquisitions come as numerous other investors snap up rental properties across the Las Vegas Valley, a region with a strong base of potential renters in part because of the damage caused by the housing bust. Foreclosures, bankruptcies and other financial woes prevent many Las Vegans from buying EMPLOYEES PLACED BETS at the m resort CG technology, From page 10 pany could only produce those for 94 account holders. Those submitted also contained numerous problems, such as no Social Security numbers, telephone numbers or date of birth listed. n CG Technology continued to employ a race and sports writer despite a sixmonth lapse in her gaming employee registration because it was not renewed on time. n CG Technology did not submit on time hire reports from September 2012 through January 2013 to the board. The gaming company also did not list two sports book supervisors on its Key Employees Report submitted in July 2009 and July 2010. n CG Technology failed to prevent employees from placing wagers at the M Resort's race and sports book. | 20 JANUARY 2014 20140120_VI10_F.indd 11 | a place. Southern Nevada's apartment market had a 5.9 percent vacancy rate in the second quarter last year and average asking rents of $807 a month, according to Colliers International. Two years earlier, it had an 8.3 percent vacancy rate and asking rents of $770 a month. Some investors, like Interwest and Angelo, Gordon & Co., are buying local properties in bulk. Last month, ST Residential sold Juhl and the Ogden — two downtown highrises — along with One Las Vegas, Loft 5 and Spanish Palms Condominiums for $237 million to New York's Dune Real Estate Partners and KRE Capital of Beverly Hills, Calif., property records indicate. Also last year, the Wolff Co., of Scottsdale, Ariz., acquired 14 apartment complexes from Houston's Camden Property Trust and New York's DRA Advisors for $200 million. Celebrating Law Firm Growth Strong Apart, Stronger Together LEWIS ROCA ROTHGERBER Effective September 2013 Lewis and Roca has joined forces with Rothgerber Johnson & Lyons to become Lewis Roca Rothgerber. Effective September 2013, the combination creates one of the largest law firms in the Western U.S. with 250 lawyers across nine offices. The combined firm offers an enhanced and expanded range of services in litigation, real estate, energy and utilities, banking, insurance, intellectual property, gaming, and religious institutions. Because together we're stronger. Visit: www.LRRLaw.com/lewis-roca-rothgerber ALBUQUERQUE | CASPER | COLORADO SPRINGS | DENVER | LAS VEGAS | PHOENIX | RENO | SILICON VALLEY | TUCSON | LRRLAW.COM 11 1/16/14 1:46:01 PM

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