IRVINE, Calif., Feb. 24, 2021 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold 45 acres of raw land in Riverside County to Pulte Homes for $6.5 million.
"We originally acquired this land from the County of Riverside as a surplus land acquisition," explained Shopoff Realty Investments president and chief executive officer, William Shopoff. "Directly adjacent to our Spring Mountain Ranch master-planned community, we realized this land would be best suited for additional homes to benefit this growing area of Southern California."
Shopoff received unanimous approval for the project from Riverside County in 2017, with approvals for 138 single-family homes, a neighborhood park and community trails that will connect to the trails in Spring Mountain Ranch. The Shopoff team then went to work securing necessary off-site water and sewer infrastructure installation, which was completed by the adjoining property owner in Spring 2020.
"After navigating through the housing downturn as well as the entitlement process, we are pleased to have successfully concluded the business plan for this asset," Brian Rupp, Shopoff Realty Investment's EVP of Real Estate added. "These homes will be a wonderful asset to the community, and future homeowners will greatly benefit from the proximity to the trails and open space in close proximity to the project."
About Shopoff Realty Investments Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-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 29-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, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures 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. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.