IRVINE, Calif., July 15, 2019 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold the apartment development phase of its Anaheim Packing District Area Project, a 5.47 acre property entitled for a 314-unit apartment development. Located at 901 E. South Street in the City of Anaheim, the property was sold to Anton Development.
This Anaheim property was purchased in a joint venture with Argosy Real Estate Partners on January 31, 2017, and at the time of acquisition included two industrial-zoned land parcels comprised of 20.47 acres that held existing structures totaling 356,187 square feet.
Working closely with the City of Anaheim and following its Residential Opportunity Overlay Zone plan, Shopoff was able to entitle the property for a new mixed-use housing development including 314 rental apartment units, and 232 attached and detached for-sale single-family homes. The homebuilder portion of the property, consisting of the 15-acre, for-sale single family development portion of the project, was sold July 2018.
"In a transforming area of the city of Anaheim, this new apartment community will provide much needed rental housing, while offering its future residents the benefit of living within walking distance of the Anaheim Packing District, the area's most popular and eclectic multi-restaurant dining hall," explained Shopoff Realty Investments President and CEO William Shopoff. "We anticipate this development will have a positive impact on this redeveloping neighborhood for years to come, and are proud to have been a part of the process of elevating this property to its highest and best use for the community."
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 27-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 27-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.
About Argosy Real Estate Partners
Argosy Real Estate Partners specializes in opportunistic investing in multifamily, commercial, lodging and residential opportunities throughout the United States. Argosy partners with experienced operating partners to create value through the acquisition, development, repositioning, and/or recapitalization of real estate assets. For additional information please visit www.argosyrealestate.com
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 this strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of the Fund. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
Spotlight Marketing Communications
SOURCE Shopoff Realty Investments