Falls Creek Apartments
The Shopoff Group, through a partnership with Credit Suisse First Boston, planned to acquire 308 separate condominium units. The original sale of this project as condominiums had failed, with only a portion of the project being owned by investors and the balance owned by several lenders who had foreclosed their mortgages.
The Shopoff Group acquired the mortgages on the majority of the project and completed a foreclosure to acquire fee title to these units. While completing the foreclosure action, The Shopoff Group put all of the remaining units under contract in less than a month. This assemblage proved to be quite successful, as the property was worth significantly more as an apartment building than it was as condominiums.
Once we acquired title to the entire complex, we set about to improve operations while disbanding the Homeowners’ Association. This also allowed for the dismissal of a lawsuit regarding construction defects. We improved occupancy to over 90% within a few months.
With the property stabilized, The Shopoff Group marketed it for sale as an apartment complex. We successfully negotiated an agreement with a suitable buyer and sold the property within nine months of acquisition for a profit of more than $3 million.
Investing in The Shopoff Group limited partnerships involves a high degree of risk,
including the possible complete loss of your investment. In addition to being an illiquid
investment with an uncertain liquidity date, these investments may have other risks.
The past performance of any of The Shopoff Group's Limited Partnerships is no guarantee of
future results.
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The Shopoff Group
Corporate Headquarters
114 Pacifica, Suite 245
Irvine, California 92618
Main: 949–417–1396
Fax: 949–417–1399