Shopoff Realty Investments has secured a $47m construction loan from CoreVest Finance to construct a new build-for-rent project in La Quinta, California, US.

The new development, named SolTerra, will be constructed at the southwest corner of Auto Center Drive and La Quinta Drive.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Co-developed with Argosy Real Estate Partners, the new project covers nearly 18-acres and will feature 131 single-family-homes.

It will have two different single-family product types that include 63 two-storey homes averaging 1,774ft2, and 68 one-storey homes averaging 2,188ft2.

SolTerra will also feature a shared amenity space that includes clubhouse, a pool, and outdoor entertainment area.

See Also:

Shopoff Realty Investments president and CEO William Shopoff said: “Single-family rental living has never been more attractive, with people desiring space and privacy, without skipping the amenities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“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.”

In 2016, the company acquired the land for the project.

The site development commenced with the receipt of construction loan for project, which is expected to be completed in the mid of 2023.

Shopoff Realty Investment Real Estate executive vice president Brian Rupp said: “The project will deliver new single-family rental homes that appeal to both families looking for single-family living, as well as vacationers and snowbirds looking for luxury, lock-and-leave rentals, with the same single-family living they enjoy at their permanent residences.”

———————————————————————————————————————

The site development for the project has commenced in La Quinta, California. Credit: Thomas B. from Pixabay.