Acquisitions

LAS VEGAS — Shopoff Realty Investments has sold Pointe at Centennial, a 624-unit apartment community in Las Vegas, to The Calida Group for $100 million. Pointe at Centennial is situated at 5850 Sky Pointe Drive, about 11 miles northwest of downtown Las Vegas. The community offers one-, two- and three-bedroom floor plans ranging from 740 to 1,121 square feet per unit. Shopoff purchased the property in September 2016 as a value-add acquisition when roughly 25 percent of the units were updated. At the time of the most recent sale, Shopoff said 50 percent of the units are currently updated. “By bringing the percentage of renovated units at the property up to 50 percent, we captured significant rent increases, approximately 20 percent higher than the property’s average rental rate at the outset of the renovation plan,” says Shopoff CEO William Shopoff. Irvine, Calif.-based Shopoff also made investments to community-wide amenities such as adding new entry gates, remodeling the leasing office, upgrading lighting, improving landscaping, and implementing roof repairs, exterior painting and gym upgrades. Other amenities include a swimming pool, basketball court, tennis court, grilling area, playgrounds, covered parking and a clubhouse. Shopoff has invested in value-add properties across the United States for …