Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, announced that SolTerra Luxury Rental Homes, the company’s new single-family rental project, is now pre-leasing for move-ins August 2023.
The 131 single-family, build-for-rent home project includes one- and two-story units, with three- and four-bedroom floorplans ranging from 1,520 to 2,441 square feet. Shopoff says rental rates start at $3,800 per month.
“SolTerra offers the space and privacy of living in a single-family home, with the convenience and flexibility of rental living,” explained Shopoff president and chief executive officer William A. Shopoff. “With La Quinta’s growth in recent years into a desert destination, we anticipate these luxury homes will appeal not only to vacationers, but also La Quinta locals who are steering away from coastal prices.”
The newly constructed homes feature open floor plans, with two bay garages, smart home features, stainless steel appliances, as well as covered decks and/or ground floor patios. The community itself has various amenities including onsite pocket parks, a pool, club house and gym.
Just 25 miles east of Palm Springs in the Coachella Valley, the project is located on the southwest corner of Auto Center Drive and La Quinta Drive, within walking distance to the city’s retail centers, restaurants, grocery stores and country clubs.
Shopoff broke ground on the project in January 2022, and the last phase of units are anticipated to be delivered in Fall 2023.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. Their history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).