RIVERSIDE, Calif. – July 23, 2018 – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold to publicly traded home builder Lennar (NYSE: LEN), a 7.9-acre site of entitled land located within the Spring Mountain Ranch Specific Plan in Riverside County, Calif. Shopoff entitled the project, Spring Mountain West, for 72 single-family detached homes.
The land is part of Spring Mountain Ranch, a 785-acre master plan, which Shopoff originally entitled in 2003. Shopoff also secured entitlements for several other projects in the surrounding area including Springbrook Estates and Box Springs Estates.
“Shopoff sold the Spring Mountain Ranch Master Plan in 2003 and retained the 7.9-acre portion of the original property, which was then planned for commercial uses. We believed a residential product would provide more value and also better compliment the neighboring residential developments, so we re-entitled the property for residential uses,” explained Shopoff Realty Investment CEO William Shopoff.
Shopoff EVP John Santry added, “We are pleased that we once again entitled a project with qualities that attracted a prominent home builder such as Lennar, and are eager to see the positive impact the new homes will have on this growing community.”
Entitlements secured for the Spring Mountain West property include a tentative tract map for 72 single-family detached condominium homes. A courtyard cluster project, the two-story units will range from approximately 1,500 to 1,800 square feet, and be clustered in groups of four or six units. Currently, the site is graded, with all street frontage improvements completed.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 26-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 26-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that this strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of the Fund. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 1120, Irvine, CA 92614, (844) 4-SHOPOFF.