DENTON, TX-Following its success with the 240-unit Bridgemoor atDenton, Interwest Capital Corp. came back formore, acquiring the 300-unit Camino Del Sol for $17.2million. The San Diego investor will renovate the 100%occupied multifamily property, situated on 11acres, in hopes of boosting rent growth.

“The interesting component we found in this property was thatthere had been fire damage in the units, about a dozen or so, andthey were renovated awhile back,” says KarlColeman, president of Interwest. “When that happened, theowners were able to get significantly higher rents in thoserenovated units.” According to the Denton Central AppraisalDistrict, the seller of the 1980s-built multifamilycomplex at 1030 Dallas Dr. was SDS Apartments NFLP, a subsidiary of Sterling AmericanProperty in Great Neck, NY.

Coleman tells GlobeSt.com that the Camino DelSol buy was different from Interwest’s typical M.O. in that it wasa direct acquisition. Interwest’s purchase of Bridgemoor at Denton, a senior citizen complex at 2801Spencer Rd., involved acquiring the non-performing loan, takingover the complex, then foreclosing on it. In January, 2011,Bridgemoor at Denton was 35% occupied; these days, Coleman saysoccupancy was well north of 90%.