Shopoff Realty Investments Closes $8 Million Land Sale Deal
Shopoff Realty Investments Announces Major Land Sale
Shopoff Realty Investments, a prominent player in the real estate investment sector, has recently completed a noteworthy transaction involving the sale of Fee Simple Land Interest in 159 residential homes for $8 million. This transaction showcases the firm's commitment to opportunistic real estate ventures.
Understanding the Transaction Details
The property sold is known as Date Palm Interiors, located within the Desert Princess Community. It features ground leases on a significant number of homes, offering a unique investment opportunity within a well-established neighborhood adjacent to a well-known hotel.
Strategic Location Benefits
The strategic location of Date Palm Interiors offers ample advantages, benefiting from its proximity to major destinations like Palm Springs and Rancho Mirage. This area has transitioned from agricultural roots to a bustling economic center, supported by a growing population and increasing demand for long-term housing.
Insights from Leadership
William A. Shopoff, President and CEO of Shopoff, commented on the uniqueness of the investment, highlighting its overlooked potential by the broader real estate community. The firm’s long-standing presence in the area and strong relationships allowed for a smooth transaction process.
Overview of Shopoff Realty Investments
Founded over three decades ago, Shopoff Realty Investments is based in Irvine, California, and specializes in value-add and opportunistic real estate investments across the United States. The company’s focus includes repositioning commercial properties and land development projects, aimed at generating appreciation and sustainable growth.
Future Transactions in the Pipeline
This sale follows a series of strategic decisions by Shopoff to refine its portfolio, including the previous sale of Cathedral Canyon Business Park. The remaining assets under review are Las Estancias and Falcon Lakes, further highlighting Shopoff's commitment to strategic property management and disposition.
Contact Information
For those seeking more information about Shopoff Realty Investments, inquiries can be directed to Jill Swartz of Spotlight Marketing Communications at 949.427.1389 or via email at jill@spotlightmarcom.com.
Frequently Asked Questions
What property did Shopoff Realty Investments sell?
Shopoff Realty Investments sold Fee Simple Land Interest in 159 residential homes, specifically known as Date Palm Interiors.
How much was the sale price for the land?
The property was sold for $8 million.
What makes Date Palm Interiors a unique investment?
The investment is part of a complicated network of tribally owned land, which contributed to its unique appeal and potential overlooked value.
What other properties are associated with Shopoff Realty Investments?
Besides Date Palm Interiors, the remaining properties up for disposition include Las Estancias and Falcon Lakes.
How can I contact Shopoff Realty Investments for more details?
Contact Jill Swartz at 949.427.1389 or via email at jill@spotlightmarcom.com.
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