Shopoff Realty Investments(“Shopoff”),a national manager of opportunistic and value-add real estate investments, recently announced the sale of Date Palm Interiors, a fee simple land interest on homes located within the Desert Princess Community in Cathedral City, California, for$8 million. The interest includes ground leases on 159 residential homes within a well-established enclave adjacent to the DoubleTree Hotel, offering resort-style living and strong demand for long-term housing.
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“Date Palm Interiors' structure is part of a complicated network of tribally owned land, which made this a very unique and somewhat overlooked investment by the greater real estate community,” saidShopoff President and CEO William A. Shopoff. “Our team was able to show potential buyers the value in this land interest and structure, coupled with our long-time presence in the Coachella Valley and strong relationship with the Bureau of Indian Affairs, we were able to facilitate a smooth transaction.”
Strategically located in Coachella Valley, the property benefits from its proximity to Palm Springs and Rancho Mirage, two of Southern California's most prominent destinations. Once known for its agricultural roots and seasonal tourism, the region has evolved into a vibrant economic hub supported by a growing permanent population. Cathedral City has emerged as a key area for business expansion, with notable employment growth driven by companies establishing or expanding their presence in the community.
Date Palm Interiors is part ofShopoff's greater Westkin portfolio, which was acquired for $23 million in November 2017. This transaction follows the sale of the portfolio's Cathedral Canyon Business Park in 2022 for $2.9 million. The two remaining assets in the portfolio, Las Estancias and Falcon Lakes, are currently marketed for disposition and are comprised of a leasehold interest in 1,937 individual condominium and business subleases, governed by two master ground lease agreements, with individual allottees who are members of the Agua Caliente Band of Cahuilla Indians.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 33-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 33-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities are offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612.
Contact:Jill SwartzSpotlight Marketing Communications949.427.1389jill@spotlightmarcom.com
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SOURCE Shopoff Realty Investments
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