A Coachella Valley property with ground leases on 159 houses was offloaded by Shopoff Realty Investments.
The Irvine-based real estate firm announced today it sold Date Palm Interiors within the Desert Princess Community of Cathedral City for $8 million.
The fee-simple land interest includes ground leases for 159 houses within an enclave adjacent to a DoubleTree Hotel.
Shopoff Realty described Date Palm Interiors as “offering resort-style living and strong demand for long-term housing.”
“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,” Shopoff President and CEO William A. Shopoff said in a statement. “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.”
For more on Shopoff Realty, see the Sept. 15 issue of the Business Journal.
