Shopoff Sells Ownership Interest in 34 Acres of Land in Las Vegas
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold its ownership interest in 33.5 acres of land on Rancho Drive in Las Vegas, Nevada.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold its ownership interest in 33.5 acres of land on Rancho Drive in Las Vegas, Nevada. The land, which was valued at more than $20 million, was approved for development of approximately 800 residential units.
In July 2018, Shopoff provided a $3.5 million acquisition loan to Rancho Village Partners LLC, a Nevada limited liability company based in the Las Vegas metro area, which planned to entitle the property for multifamily development.
Rancho Village secured the necessary entitlements for the project in August 2018 and sold the land to a developer in February 2020. The new owners plan to move forward with the construction of three different neighborhoods within the project area.
“Having several projects in the Las Vegas market over the last decade, we were confident this investment would be a mutually beneficial transaction for both our entities,” said Shopoff Realty Investments president and CEO William Shopoff. “We are pleased to have successfully assisted Rancho Village Partners on this project by providing the capital they needed to secure and entitle this land and look forward to seeing this project move forward towards development.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-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 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).
