Shopoff Realty Investments secures construction loan for new project in California

WCN Editorial Team 12 Jan 2022 NORTH AMERICA BUILDINGS

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.

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.

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.

“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.”

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

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