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10/10/16
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Shopoff Realty Investments has acquired Sky Pointe Landing Apartments, a 624-unit residential community in northwest Las Vegas, for $72.6 mil ($116.3k/unit). The company is considering the possibility of adding a co-investor in the near future. The property was sold by a joint venture between The Bascom Group and Investcorp.
Sky Pointe Landing Apartments is a Class B community constructed in 1996 and located at 5850 Sky Pointe Dr, off the U.S. 95 Hwy and near the I-215 interchange. The property boasts a variety of one-, two- and three-bedroom floorplans with two clubhouses and two pools throughout the community.
“This apartment community is located in a terrific neighborhood, but is in need of an update,” said William Shopoff, chief executive officer of Shopoff Realty Investments. “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.”
“While the property is in great shape for being 20 years old, we are planning to invest over $6 mil into enhancing the existing community amenities and updating the unit interiors,” said David Placek, executive vice president of Shopoff Realty Investments. “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.”
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