Shopoff Realty Investments Buys Las Vegas Apartment Community
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, purchased Sky Pointe Landing Apartments in northwest Las Vegas for $72.6 million. In line with the company’s strategy, there is a possibility of the addition of a co-investor in the near future.
Constructed in 1996, Sky Pointe Landing is a class B, 624-unit apartment community located at 5850 Sky Pointe Drive. The property is comprised of one-, two- and three- bedroom floorplans with two clubhouses and two pools throughout the community.
“This apartment community is located in a terrific neighborhood, but is in need of an update,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “As a market, Las Vegas is coming back from the depths of the 2008 Great Recession, with steady job growth a greatly reduced inventory of shadow market single family homes which is helping to push market rents and occupancy for apartments across the Las Vegas Valley.”
“While the property is in great shape for being 20 years old, we are planning to invest over six million dollars into enhancing the existing community amenities and updating the unit interiors,” said David Placek, executive vice president of Shopoff Realty Investments. “Our strategy is to bring the asset up to modern standards, improving the living experience for the residents and with that, the value of the asset.”
Shopoff Realty Investments has a 24-year history of real estate investing and is based in Southern California with offices in Dallas and New York.
