October 9, 2016
Shopoff Realty Investments bought the 624-unit Sky Pointe Apartments in northwest Las Vegas. The Irvine, CA-based investor paid $72.6 million to Investcorp International Realty for the complex at 5850 Sky Pointe Dr.
“This apartment community is located in a terrific neighborhood, but is in need of an update,” said Shopoff CEO William Shopoff. “As a market, Las Vegas is coming back from the depths of the 2008 Great Recession, with steady job growth and 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.”
The new owner plans a $6 million investment in the 20-year-old complex. Plans are to upgrade existing amenities and update the interiors.
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