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| William Shopoff |
LAS VEGAS, NV – Shopoff
Realty Investments, a national manager of opportunistic and value-add real
estate investments, announced the company has acquired a 624-unit apartment
community in northwest Las Vegas for $72.6 million. In line with the company’s
strategy, there is a possibility of the addition of a co-investor in the near
future.
The property, Sky Pointe Landing Apartments, is a
Class B community constructed in 1996 and located at 5850 Sky Pointe Drive off
the U.S. 95 highway and near the I-215 interchange. The property boasts a
variety of one, two and three bedroom floorplans with two clubhouses and two
pools throughout the community.
“This apartment community
is located in a terrific neighborhood, but is in need of an update,” said William Shopoff, chief executive
officer of Shopoff Realty Investments.
“As a market, Las Vegas is coming back
from the depths of the 2008 Great Recession, with steady job growth a greatly
reduced inventory of shadow market single family homes which is helping to push
market rents and occupancy for apartments across the Las Vegas Valley.”
“While the property is in
great shape for being 20 years old, we are planning to invest over six million
dollars into enhancing the existing community amenities and updating the unit
interiors,” said David Placek,
executive vice president of Shopoff Realty Investments. “Our strategy is to
bring the asset up to modern standards, improving the living experience for the
residents and with that, the value of the asset.”
Shopoff Realty Investments has a 24-year
history of real estate investing. For additional information, please visit
www.shopoff.com or call (844) 4-SHOPOFF.
For a
complete copy of the company’s news release, please contact:
Jill Swartz
Spotlight Marketing
Communications
949.427.5172, ext. 701
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