LAS VEGAS, Dec. 1, 2022 -- Pacific Oak Strategic Opportunity REIT, Inc. announced today the completed sale of 67 acres of undeveloped land within North Las Vegas' Villages at Tule Springs master planned community. The land was sold to an undisclosed buyer for $55 million and includes rights to build mixed-use commercial buildings, including a casino.
Pacific Oak Strategic Opportunity REIT acquired 1,670 acres in what was originally known as Park Highlands East. The master planned community was renamed The Villages of Tule Springs and is expected to generate more than $3 billion for the local economy during the next 10-15 years.
"We were fortunate to be able to acquire this land in a bankruptcy auction in the years following the Great Recession," said Keith Hall, CEO of Pacific Oak Strategic Opportunity REIT, Inc. "Today's sale represented the second to last available parcel of the land that we own within the Villages at Tule Springs. We continue to be optimistic about the opportunities we have to continue to create value for our shareholders."
The Villages at Tule Springs is a master planned community under development approximately 12 miles from downtown Las Vegas and 16 miles from the Las Vegas Strip. With I-15 three miles to the east of the property, it is the only master planned community that provides both freeway frontage and nearby access to the area's largest north-south roadway. The property's location along the 215 Beltway also provides easy access to all major Las Vegas employment centers within the region.
Currently, there are three builders developing seven neighborhoods in a mix of gated and non-gated communities that will bring more than 8,500 homes, including 2,000 reserved for adults 55 and older. Development plans also include commercial and resort property, as well as parks and public facilities.
About Pacific Oak Strategic Opportunity REIT
Pacific Oak Strategic Opportunity REIT, Inc. is a public, non-traded corporation headquartered in Los Angeles, California, that has elected to be taxed and currently qualifies as real estate investment trust. The REIT invests in opportunistic real estate and other real estate-related investments and manages a portfolio valued in excess of $2 billion1 comprised primarily of office, land, apartment, single-family rental and hotel assets.
1 Equals the real estate and equity securities values as of September 30, 2021, adjusted for the Company's share of real estate properties owned via joint ventures, as reflected in the Company's December 2021 share valuation. For more information, see the Company's Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC") on December 8, 2021.
Original Article on prnewswire.com