March 10, 2020
Shopoff Realty Investments (“Shopoff”) has successfully sold its ownership interest in 33.5 acres of land in Las Vegas, NV. The property was approved for development of approximately 800 residential units.
Shopoff had originally provided $3.5 million in capital during entitlements to Rancho Village Partners, LLC. in July 2018 that allowed Rancho Village to purchase the 33.5 acres of land for the project located on Rancho Drive. Rancho Village secured necessary entitlements for the project in August 2018, and recently sold the entitled land to a developer last month.
According to Shopoff Realty CEO William Shopoff. “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 forward towards development.”
For comments, questions or concerns, please contact Chris Egger