In 2010, Shopoff acquired a 25-acre site and secured entitlements for a master plan community including 1,244 total housing units, 11,500 square feet of retail space, and two one-acre parks in Newport Beach, California. Located in the airport area of Newport Beach, the land previously held a chip manufacturing facility. Shopoff planned to add much-needed housing to this emerging neighborhood of Newport Beach, once known as a business district.

Included as part of the master plan’s first phase, Park Palm sits on 0.88 acres and plans to include 60 luxury condominium units. The project will benefit from its prestigious Newport Beach address, boasting significantly higher property values compared to neighboring cities in Orange County. The project will also provide some of the only newly constructed condo units in the City.

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.

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/