THE OPPORTUNITY

In April 2021, Shopoff acquired 611 lots across three manufactured housing communities, located in North Central Illinois, for $26.5 million. The three properties include Oak Creek Estates, Lincoln Terrace, and Belle Aire.

• Oak Creek Estates is located 55 miles outside of Downtown Chicago in Bourbonnais, Illinois. The largest of the three communities, with 345 lots, 30% of the homes are owned by the community.
• Lincoln Terrace is in Lincoln, Illinois, with convenient access to I-55, and is equidistant between the employment centers of Bloomington and Springfield, Illinois. The community consists of 194 total lots, and approximately 25% of the homes are owned by the community.
• Belle Aire is in Marseille, Illinois, just 80 miles southwest of Chicago. The community is made up of 72 lots, and approximately 35% of the homes are owned by the community.

HOW SHOPOFF IS ADDING VALUE

After acquiring the three communities, Shopoff set out to create value by streamlining operations, addressing vacancies, and making targeted physical improvements. The firm enhanced community common areas through new paving, landscaping upgrades, and the resolution of deferred maintenance issues. Simultaneously, it began optimizing operational efficiencies by leveraging the economies of scale inherent in managing a large portfolio of homes.

THE RESULT

After a short holding period, Shopoff sold the property to Clear Sky Capital in January 2022 after receiving an unsolicited offer.*

Disclosures

An investment in a Shopoff fund involves a high degree of risk, including the possible loss of your entire investment, and is illiquid with an uncertain liquidity date. This material does not constitute an offer to sell or a solicitation of an offer to buy any security. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC. *While this transaction was successful, past performance does not guarantee future results. Each asset and market environment is unique.

These properties are one of a number of properties that are managed by Shopoff Realty Investments, and owned by open and closed investment funds. For the listing of all Shopoff’s current holdings visit: https://www.shopoff.com/current-assets/