Shopoff Realty Investments has secured a $47 million construction loan from CoreVest Finance for SolTerra, a, build-for-rent project with 131 single-family-homes, located in La Quinta, Calif., at the southwest corner of Auto Center Drive and La Quinta Drive. This project is a co-development in partnership with Argosy Real Estate Partners.
“Single-family rental living has never been more attractive, with people desiring space and privacy, without skipping the amenities,” said William Shopoff, Shopoff Realty Investments president and CEO. “We believe this project will fill a significant void in the market for quality housing with ample square footage that allows residents to have the benefits of a single-family home, without the commitment and costs that come with home ownership.”
Encompassing approximately 18 acres, the community will feature two different single-family product types, including 68 one-story homes averaging 2,188 square feet and 63 two-story home
