THE OPPORTUNITY

Shopoff purchased the land in 2016 and worked diligently with the City to secure entitlements. Located 25 miles east of Palm Springs in the Coachella Valley, La Quinta has become a desert destination in recent years, attracting vacationers and snowbirds, as well as families seeking more affordable housing outside of coastal cities. The property is surrounded by high quality developments including the La Quinta Resort & Club, the Rancho La Quinta Golf Club and Lake La Quinta, as well as numerous restaurants and shopping venues.

HOW SHOPOFF ADDED VALUE

The partnership completed the acquisition of the property, with joint venture partner Argosy Real Estate Partners in December 2021 with plans to develop the land as single-family build-to-rent (“BTR”). Purpose built single-family rental homes are an emerging product segment in the United States, representing a new approach to an established market segment. The proposed product offering expands the array of housing options for detached home renters, with little to no new rental supply of any type added to La Quinta over the past decade.

THE RESULT

Shopoff broke ground on the project in January 2022, with the last phase of units delivered in late 2023. SolTerra Luxury Rental Homes includes 131 single-family, build-to-rent homes featuring one- and two-story units, with three- and four-bedroom floorplans ranging from 1,520 to 2,441 square feet.

The newly constructed homes feature modern and sophisticated, large open floor plans, with two bay garages, smart home features, stainless steel appliances, as well as large, covered decks and/or ground floor patios. The community itself is amenity rich with onsite pocket parks, a pool, club house and gym. Leasing is being managed by Cushman & Wakefield.

Learn more at liveatsolterralq.com.