• Sunday, 26 May 2019

Shopoff Realty Investments Sells 624-Unit Apartment Community in Las Vegas

Mar 14, 2019 (2 months ago) |
IRVINE, Calif: Shopoff Realty Investments (Shopoff), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold Point at Centennial, formerly Sky Pointe Landing, a 624-unit multifamily apartment community located at 5850 and 5900 Sky Pointe Drive, in Las Vegas, Nevada. The property was sold to The Calida Group, a Las Vegas-based multifamily real estate development and investment firm, for USD 100 million.
Purchased in September 2016, the property is comprised of one-, two-, and three-bedroom apartment homes featuring 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, explained Shopoff Realty Investment CEO William Shopoff.

In addition to unit renovations, 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. The founders worked hard to ensure they kept to their word, doing what they said they were going to do and we would welcome the opportunity to work with them again.

While the deal was very complex, Shopoff was an excellent partner throughout the entire process, resulting in a successful outcome for both parties, said The Calida Group Co-Founder and Managing Director Douglas Eisner. We look forward to continuing to provide a community that appeals to our residents' lifestyles.

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Shopoff Realty Investments Sells 624-Unit Apartment Community in Las Vegas

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