Coachella Residential Site Sold for $8 Million

Irvine-based Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, sold Date Palm Interiors, a fee simple land interest on homes located within the Desert Princess Community in Cathedral City, 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.

“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,” said William Shopoff, chief executive of Shopoff Realty, 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.”

Strategically located in the Coachella Valley, the property benefits from its proximity to Palm Springs and Rancho Mirage. 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 of Shopoff’s greater Westkin portfolio, which was acquired for $23 million in 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.

Information for this article was sourced from Shopoff Realty Investments.