Shopoff Funds Las Vegas Land Purchase
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has completed a $3.5 million acquisition loan to Rancho Village Partners LLC for a 33.5-acre land purchase.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has completed a $3.5 million acquisition loan to Rancho Village Partners LLC for a 33.5-acre land purchase. Rancho Village Partners, a Nevada limited liability company based in the Las Vegas metro area, plans to entitle the property for multifamily development.
The proposed development will include 700 apartment units across three phases of construction, with each phase containing its own leasing office and amenities, including recreation facilities and swimming pools.
This short-term loan is secured by a second deed of trust on the property, as well as a security interest and a preferred equity position.
“This multi-phase apartment community represents a commitment to building necessary housing and will provide a positive addition to the Las Vegas market,” said Shopoff Realty Investments CEO William Shopoff. “As an owner of more than 600 apartment units in the area, we have a great understanding of the local Las Vegas market, and ultimately felt the property was being purchased well below current comparable sales, allowing us to make this strategic investment.”
In other Shopoff news, the company recently received approval by the City of La Quinta, California for its proposed development project, The Centre at La Quinta, a new residential housing community with 131 single-family detached units, as well as a 2.8-acre hotel site.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
