Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold Point at Centennial, formerly Sky Pointe Landing, a 624-unit multifamily apartment community located in Las Vegas, Nevada. The property was sold to The Calida Group, a Las Vegas-based multifamily real estate development and investment firm, for $100 million.
Purchased in September 2016 for $72.6 million, the property is comprised of one-, two-, and three-bedroom apartment units that include nine-foot ceilings, walk-in closets, in-unit washer and dryers, private patios and detached garages. A value-add investment opportunity, at the time of acquisition, roughly 25 percent of the units had been renovated by the previous owner.
“By bringing the percentage of renovated units at the property up to 50 percent, we captured significant rent increases, approximately 20 percent higher than the property’s average rental rate at the outset of the renovation plan,” said Shopoff Realty Investment CEO William Shopoff.
In addition to unit renovations, Shopoff said that capital improvements were made to the property including new entry gates, leasing office remodel, landscaping, upgraded lighting, roof repairs, exterior painting, and clubhouse gym upgrades.
“As a result of the renovations we were able to elevate the property’s status in the Las Vegas market,” said Shopoff. “Our investment plan also ultimately allowed us to attract an unsolicited buyer. We were very pleased with The Calida Group as our successor, who we believe will continue to affect the successful transition of this community.”
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).