THE OPPORTUNITY

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.

HOW SHOPOFF ADDED VALUE

Part of the master plan’s first phase, Parkhouse Residences at Uptown Newport is a 30-unit luxury condominium project spread across five buildings, with six condos each. Units range from 2,052 to 2,861 square feet.

In May 2021, Shopoff began construction on the luxury condominium community. With no area product type with comparable features, the project’s residences set a new standard for high-end condominium living in the City, with low-rise buildings, direct elevator entry, half-floor residences and two-story penthouses, private garages and top-of-the-line finishes.

Thoughtful amenities completed this community, with a lap pool and hot tub, a resort-inspired cabana, a state-of-the-art fitness center, elevator entry and, just outside, Parkhouse’s namesake – the one-acre Uptown Newport Park, a shaded, grassy village green.

THE RESULT

In September 2021, Shopoff launched sales for Parkhouse Residences. Learn more at parkhouseresidences.com.

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/