At yesterday’s close, International Land Alliance, Inc. (OTCQB: ILAL) surged 25.31% to $0.802. ILAL stock had 118.94K shares traded compared to 29.07K average weekly volumes. ILAL stock gained after providing an update on its property portfolio.
What has ILAL shared?
Located in San Diego, California, International Land Alliance specializes in land development and investment. With sustainability and social responsibility at its core, ILAL has also adopted proptech and construction tech advanced applications to achieve these goals. ILAL acquires attractive raw land primarily in northern Baja California, which is only a short drive from Southern California. ILAL provides value to its shareholders by seeking out and acquiring the finest sites available and obtaining the appropriate permits to build a compelling portfolio of properties, resulting in diverse investment opportunities and lifestyle options.
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In a recent corporate update, the International Land Alliance provided an overview of its operations.
Highlights of recent company activities:
- ILAL appointed Northern Baja California real estate veteran Frank Ingrande as its new president, concurrently with the acquisition of a minority interest in Rancho Costa Verde.
- For its Valle Divino project, ILAL executed ten residential sales agreements, and for Plaza Bajamar, it accepted several reservations for homes for sale.
- As sales are made from ILAL’s Valle Divino and Plaza Bajamar projects, with individual trusts being established for each buyer, the bank trust will be used to hold and transfer title, rights, and interests to each.
- In its fourth fiscal quarter, ILAL expects to have established this trust.
- The Oasis Park Resort already has a title and the capability to record sales.
- A successful microgrid was deployed in ILAL’s model home at Plaza Bajamar in partnership with CleanSpark, Inc..
- In addition, ILAL established plans for installing solar microgrid systems in all units at both the property and the Valle Divino development site.
- With over $60 million in gross lot sales anticipated for Phase I of the project, ILAL has resumed construction and service work at Oasis Park Resort.
- The ILAL has launched a construction financing fund that offers flexible financing options to qualified owners of home sites.
- The company closed a private placement with a single institutional investor for $2.0 million and paid off its bridge loan for $500,000 to continue to build its balance sheet and secure financing.
- Baja California properties owned by ILAL have no loans attached to them.
Here is what ILAL is doing this year:
A strong balance sheet and continued progress in the properties across ILA’s portfolio have contributed to the momentum seen this year. ILAL raised $2 million, which it will use to develop its projects in Mexico, which has a high probability of generating a high return on capital due to geographic arbitrage.