A joint venture between Shopoff Realty Investments and Argosy Real Estate Partners has secured a $47 million construction loan from CoreVest for the 131-unit SolTerra in La Quinta, Calif. With construction already underway, the single-family rental community is slated for delivery in mid-2023.
Shopoff acquired the land in 2016, working with the city to secure entitlements. An 8-acre adjacent parcel, entitled for hotel development, is currently under contract for sale and is to be developed independently.
Spreading across 18 acres, the BFR development will comprise 68 one-story homes averaging 2,188 square feet and 63 two-story homes averaging 1,774 square feet. The shared community amenities are expected to include a pool, clubhouse and outdoor entertainment area.
Located at the southwest corner of Auto Center Drive and La Quinta Drive, the community is some 25 miles east of Palm Springs and will have several shopping, dining and entertainment options within a 1-mile radius, including the La Quinta Valley Plaza. State Route 111 will be less than half a mile north of the community, while La Quinta Resort & Club and Lake La Quinta will also be within 1 mile of the property.
Active in California, Shopoff broke ground on the luxury Parkhouse Residences in Newport Beach last year. The project is expected to come online later this year.