Shopoff Realty Investments Acquires 2.8-Acre
Site to be Entitled for 60 Apartment Units Near Los Angeles
LOS ANGELES – May 31, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has acquired a 2.8-acre prime infill site in the Los Angeles suburb of Whittier, California. The company intends to entitle the property to allow for the development of a 60-unit apartment project.
An operational car wash is currently located on the site, which was acquired by a joint venture between Shopoff Realty Investments and Clearwater Communities for $5.5 million.
“There is an extremely limited supply of new housing in Greater Los Angeles, which makes this a significant development opportunity,” said Shopoff Realty Investments CEO William Shopoff. “Additionally, demand for new housing is high as the vacancy rate in this market has been tremendously low in recent years, averaging fewer than 40 new units annually.”
The site is located within two blocks of Presbyterian Hospital, which employs more than 2,600 healthcare professionals and support staff, providing further demand for housing.
“We’re eager to expand our geographic footprint to this municipality and look forward to the prospect it presents,” said John Santry, executive vice president of Shopoff Realty Investments’ Land Division. “The Whittier area’s lack of housing and strong demographics make it an especially attractive value-add opportunity, and a win-win for Shopoff and the local community.”
The acquisition presents a rare opportunity to acquire a value-add entitlement development in Los Angeles County within the multifamily sector.
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