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Shopoff Sells 624-Unit MF in Las Vegas for $100M
Irvine, CA-based Shopoff Realty Investments sold Point at Centennial, a 624-unit multifamily apartment community in Las Vegas, NV to The Calida Group for $100 million. Formerly Sky Pointe Landing, the property is located at 5850 and 5900 Sky Pointe Dr.
Purchased in September 2016, the property is comprised of one, two, and three-bedroom apartment homes featuring nine-foot ceilings, walk-in closets, in-unit washer and dryers, private patios and detached garages. A value-add investment opportunity, at the time of acquisition, roughly 25% of the units had been renovated by the previous owner.
Shopoff Realty Investments’ William Shopoff says, “By bringing the percentage of renovated units at the property up to 50%, we captured significant rent increases, approximately 20% higher than the property’s average rental rate at the outset of the renovation plan.”
Capital improvements made to the property included new entry gates, leasing office remodel, landscaping, upgraded lighting, roof repairs, exterior painting, and clubhouse gym upgrades.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
