LAS VEGAS (STL.News) – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold its ownership interest in 33.5 acres of land in Las Vegas, Nevada. The property was approved for development of approximately 800 residential units.
Shopoff had provided capital to Rancho Village Partners, LLC. in July 2018 that allowed Rancho Village to purchase 33.5 acres of land located on Rancho Drive. The plan was to entitle and develop a multiphase apartment community on the property. 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,” explained 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.”
Rancho Village secured necessary entitlements for the project in August 2018 and successfully sold the land to a developer in February 2020.
About Shopoff Realty Investments
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 proactively 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). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.