Irvine, California-based Shopoff Realty Investments, a real estate investment firm, has provided a $3.5 million loan to Rancho Village Partners, a Nevada limited liability company in the Las Vegas metro area. The financing will be used for Rancho Village Partners to acquire 33.5 acres of land, which the company plans to use for multifamily development.
IRVINE, Calif. – July 18, 2018 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has completed a $3.5 million acquisition loan to Rancho Village Partners, LLC. a Nevada limited liability company in the Las Vegas metro area.
This short-term loan is secured by a second deed of trust on the property as well as a security interest in additional collateral, and also features a preferred equity position. The financing provided funds for the acquisition of 33.5 acres of land, which Rancho Village Partners plans to entitle for multifamily development. Rancho Village Partners’ proposed development will include 700 apartment units across three phases of construction. As conceptually envisioned, each phase will contain its own leasing office and amenities including recreation facilities and swimming pools.
“The Rancho Village Partners team is committed to entitling and developing rental communities for Las Vegas’ current housing needs. This multi-phase apartment community represents a commitment to building necessary housing and will provide a positive addition to the Las Vegas market,” said Shopoff Realty Investments CEO William Shopoff. “Much like Rancho Village Partners, Shopoff is also dedicated to enhancing and improving local communities. As an owner of more than 600 apartment units in the area, we have a great understanding of the local Las Vegas market, and ultimately felt the property was being purchased well below current comparable sales, allowing us to make this strategic investment.”
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-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 26-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. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.