THE OPPORTUNITY

Shopoff acquired the property for $23.5 million in December 2010. The site is situated in a portion of the city that was originally on the periphery of a business district, with mainly office and industrial uses. Shopoff had a vision to transform this property that would take advantage of the prestigious zip code, as well as the property’s close access to shopping, employment centers, the airport and freeways, as well as the iconic beaches of Orange County.

HOW SHOPOFF IS ADDING VALUE

Shopoff set out to repurpose the land for a mixed-use residential village, rather than maintain its prior use of office and industrial. In 2013, Shopoff successfully completed the entitlement process, receiving unanimous approvals from both the Planning Commission and City Council. The entitlements allow for the master development to include 1,244 residential units, 11,500 square feet of commercial/retail space, and two one-acre parks.

THE RESULT

Phase I of the project includes several notable developments. One Uptown Newport, an award-winning, 458-unit luxury apartment community developed and managed through a joint venture with The Picerne Group, was completed in December 2019. In the same year, Shopoff completed the beautifully designed, 1-acre Uptown Newport Park. Shopoff also developed and manages Parkhouse Residences, a boutique collection of 30 luxury condominiums spread across five buildings, each containing six units. Rounding out Phase I is Park Palm, a six-story, 66-unit luxury condominium project currently in the pre-development stage.

Phase II of Uptown Newport Village will include a combination of apartments and condominiums totaling approximately 690 residential units, ~4,500 square feet of retail, as well as the construction of a second, 1-acre community park for the development.

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/