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 1.06 acres and is currently approved for a 60-unit condominium. The project will benefit from its prestigious Newport Beach address, boasting significantly higher property values compared to neighboring cities in Orange County.

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/