LOS ANGELES, May 18, 2017 /PRNewswire/ -- Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it acquired a 45.89-acre manufactured housing community in the City of El Monte, a Los Angeles suburb, for approximately $52.7 million.
"Southern California continues to experience a severe shortage of affordable housing, a crisis which is expected to continue for the foreseeable future," said Shopoff Realty Investments CEO William Shopoff. "We are proud to create a solution that will help meet the current demand and benefit the local community."
Located at 12700 Elliott Avenue, the community features 421 home sites with a 64 percent occupancy at close of acquisition. Shopoff Realty Investments' value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding 150 homes to the community and the city's housing stock.
"From a macro perspective, we view investments in mobile home parks very favorably," said John Santry, executive vice president of Shopoff Realty Investments Land Division. "From the micro perspective, however, this acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market."
Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Ladder Capital:
Ladder Capital is a direct lender that provides fixed-rate and floating-rate commercial mortgages, mezzanine financing and preferred and direct equity to partners. The company was founded in 2008 and is headquartered in New York City and has branches in Los Angeles and Boca Raton.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments