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