Shopoff Realty Investments Acquires 22-Acre California Property for $7.25 Million
Shopoff Realty Investments, a private investment firm that sponsors or co-sponsors alternative investment offerings, acquired a 22-acre vacant site in La Quinta, California, for $7.25 million. Shopoff Realty Investments intends to entitle the property for a mixed-use development with commercial and residential real estate.
“This is an excellent asset in a prime location in Coachella Valley, approximately 25 miles from Palm Springs, and surrounded by high quality developments,” said Shopoff Realty Investments chief executive officer, William Shopoff.
The property is located at the southwest corner of La Quinta Drive and Auto Center Drive, and is one block from Highway 111. Nearby developments include the La Quinta Resort & Club, the Rancho La Quinta Golf Club and Lake La Quinta, as well as numerous restaurants and shopping venues.
Shopoff Realty Investments is a national manager of opportunistic and value-add real estate investments. In its 24-year history, the company has created more than 100 programs and 529 investments, of which more than 488 have gone full cycle with an average holding period of 2.7 years. The company and its executive leadership have completed 5,000-plus real estate transactions, including the acquisition, management, entitlement and development of more than 23,000 parcels and lots, 77,000 multifamily units, and 6 million square feet of commercial properties, with an aggregate value in excess of $11 billion.
