Shopoff Realty Pays $72M for Vegas Apartment Community
- Oct 07, 2016
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has announced the purchase of Sky Pointe Landing, a 624-unit apartment community located in northwestern Las Vegas. The asset was acquired for the price tag of $72.6 million. In compliance with the company’s strategy, there is a possibility of adding of a co-investor in the project in the future.
“While the property is in great shape for being 20 years old, we are planning to invest more than six million dollars into enhancing the existing community amenities and updating the unit interiors,” David Placek, executive vice president of Shopoff Realty Investments, said in prepared remarks. “Our strategy is to bring the asset up to modern standards, improving the living experience for the residents and with that, the value of the asset.”
The Class B property located at 5850 Sky Pointe Drive was completed in 1996 and boasts a variety of one-, two- and three-bedroom floor plans. The community features two clubhouses, two swimming pools, 1000 parking stalls, stand-alone rental office and a spa, among other amenities.
“As a market, Las Vegas is coming back from the depths of the 2008 Great Recession, with steady job growth a greatly reduced inventory of shadow market single family homes which is helping to push market rents and occupancy for apartments across the Las Vegas Valley,” stated William Shopoff, CEO of Shopoff Realty Investments.
According to YardiMatrix data, Bascom Group acquired the property from Acacia Capital in 2013, for a total price tag of $54 million, or $86,538 per unit.
Image courtesy of Yardi Matrix