Shopoff Realty Investments has sold its ownership interest in 33.5 acres of land in Las Vegas. The property was approved for development of approximately 800 residential units.
Shopoff had provided capital to Rancho Village Partners in July 2018 that allowed Rancho Village to purchase 33.5 acres of land located on Rancho Drive. The plan was to entitle and develop a multiphase apartment community on the property. The new owners plan to move forward with the construction of three different neighborhoods within the project area.
“Having several projects in the Las Vegas market over the last decade, we were confident this investment would be a mutually beneficial transaction for both our entities,” said William Shopoff, Shopoff Realty Investments president and CEO. “We are pleased to have successfully assisted Rancho Village Partners on this project by providing the capital they needed to secure and entitle this land and look forward to seeing this project move forw
