Shopoff Realty Investments Secures $47 Million Construction Loan and Breaks Ground on 131-Home Build-For-Rent Project in La Quinta, CA
This article originally appeared on yahoo.com
IRVINE, Calif., Jan. 11, 2022 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has secured a $47 million construction loan from CoreVest Finance for SolTerra, a 131 single-family-home, build-for-rent project located in La Quinta, California, at the southwest corner of Auto Center Drive and La Quinta Drive. This project is a co-development in partnership with Argosy Real Estate Partners.
“Single-family rental living has never been more attractive, with people desiring space and privacy, without skipping the amenities,” explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. “We believe this project will fill a significant void in the market for quality housing with ample square footage that allows residents to have the benefits of a single-family home, without the commitment and costs that come with home ownership.”
Encompassing approximately 18 acres, the community will feature two different single-family product types, including 68 one-story homes averaging 2,188 square feet, and 63 two-story homes averaging 1,774 square feet. The community will also feature a shared amenity space, including a pool, clubhouse and outdoor entertainment area.
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.
Brian Rupp, Shopoff Realty Investment’s EVP of Real Estate, added, “SolTerra will be a unique product type for La Quinta and one of the first of its kind in the area. The project will deliver new single-family rental homes that appeal to both families looking for single-family living, as well as vacationers and snowbirds looking for luxury, lock-and-leave rentals, with the same single-family living they enjoy at their permanent residences.”
Shopoff purchased the land in 2016 and worked diligently with the City to secure entitlements. An adjacent, separate, 8-acre parcel entitled for hotel development is currently under contract for sale and will be developed independently.
With construction financing now secured, site development has begun, and construction is anticipated to be completed in mid-2023.