THE OPPORTUNITY

In 2017, Shopoff acquired a 2.8-acre prime infill site in Whittier, California for $5.5 million. The purchase, made with another partner, included a car wash and a site for future apartment development. In March 2019, Shopoff bought out the partner for $20.9 million, retaining the apartment parcel, while the car wash parcel was transferred to the partner. The site is located within two blocks of Presbyterian Hospital, which employs more than 2,600 healthcare professionals and support staff. The Whittier area has long faced a significant housing shortage in this growing city, furthering the demand for residential development opportunities.

HOW SHOPOFF IS ADDING VALUE

With the demand for residential growing exponentially, Shopoff saw a multifamily development as a much-needed opportunity to bring new housing to the Southeast Los Angeles submarket. Shopoff secured City approval for the project in 2018.

THE RESULT

Completed in 2023, Cierra Apartment Homes is a 60-unit boutique apartment complex offering one- and two-bedroom units. Residents enjoy a range of upscale amenities, including a clubhouse, fitness center, pool and spa, and direct access to the scenic Whittier Greenway Trail. The development also provides convenient access to some of Los Angeles’ most vibrant employment centers and major transportation corridors, including the anticipated Gold Line Metro extension, enhancing both connectivity and overall quality of life. The project was fully leased as of August 2023 and is currently on the market for a sale to a multifamily owner. For more information, visit cierraapts.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/