LA QUINTA, Calif., March 23, 2022 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”) announced today that the company has sold a 2.8-acre parcel in La Quinta, California for $1.32 million. The property was entitled by Shopoff for a hotel project.
“This property is extremely well positioned for hotel development, located right off highway 111 in the City of La Quinta,” explained Shopoff President and CEO William Shopoff. “One of the most affluent and desirable communities in the Coachella Valley, the La Quinta market benefits from several area tourism drivers such as world class golf courses and the Empire Polo Club, home to the Coachella and Stagecoach music festivals.”
In 2016, Shopoff originally purchased a 22-acre vacant lot in La Quinta, and entitled 2.8 acres for a commercial/hotel development, and the remaining acreage for a 131-unit build-to-rent project. The build-to-rent portion was sold separately to a developer in 2021.
The buyer plans to develop a select service or extended stay hotel with a nationally recognized hotel brand.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-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 30-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, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments