IRVINE, Calif., Aug. 11, 2017 /PRNewswire/ -- Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has sold 16.1 acres of land entitled for 124 two-story townhomes in the Northern San Diego County suburb of Vista, CA, to a residential developer. The land, known by local residents as Delpy's Corner, is currently vacant.
Shopoff partnered closely with Vista city officials to create a zoning plan that would benefit area residents and help ease a lack of housing inventory in the local community. The company worked through the entitlement process, navigating the engineering hurdles of a hillside development, while also garnering community approval.
"We are pleased to see this investment go full-cycle, knowing that residents in the City of Vista will soon benefit from new housing options in this supply-constrained market," said Shopoff Realty Investments CEO William Shopoff. "We believe our vision of this hillside townhome community will blend seamlessly with this picturesque coastal town."
John Santry, executive vice president of Shopoff Realty Investments Land Division, added: "By working closely with city officials and area residents, we were able to solidify the plans for this development, laying the ground work for future construction. Overall, this investment gave us the opportunity to not only help fill a housing void in a local market, but also to create value for our investment partners."
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.
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