THE OPPORTUNITY

In 2016, Shopoff acquired a well-located multifamily community consisting of 624 one-, two-, and three-bedroom apartment homes for $72.6 million. Each unit features nine-foot ceilings, walk-in closets, in-unit washers and dryers, private patios, and detached garages—offering residents both comfort and convenience.

Located in Las Vegas, the property is just minutes from major employers, retail centers, golf courses, the Las Vegas Strip, and two key freeways, I-15 and I-215.

HOW SHOPOFF IS ADDING VALUE

By renovating 50% of the units, Shopoff was able to achieve significant rent increases—approximately 20% above the property’s average rental rate at the start of the renovation plan.

In addition to unit renovations, the firm invested in a series of capital improvements across the property, which included new entry gates, a remodeled leasing office, refreshed landscaping, upgraded lighting, roof repairs, exterior painting, and enhancements to the clubhouse gym. These upgrades helped elevate the property’s profile in the competitive Las Vegas market.

THE RESULT

In March 2019, a Las Vegas-based multifamily real estate development and investment firm acquired the property.*

Disclosures

An investment in a Shopoff fund involves a high degree of risk, including the possible loss of your entire investment, and is illiquid with an uncertain liquidity date. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC. *While this transaction was successful, past performance does not guarantee future results. Each asset and market environment is unique.

These properties are one of a number of properties that are managed by Shopoff Realty Investments, and owned by open and closed investment funds. For the listing of all Shopoff’s current holdings visit: https://www.shopoff.com/current-assets/