Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has purchased a 611-lot, three-property portfolio of manufactured housing communities in North Central Illinois. The three properties include Oak Creek Estates located in Bourbonnais, Lincoln Terrace located in Lincoln, and Belle Aire located in Marseilles. The purchase price was not disclosed.
“The large number of lots will allow immediate economies of scale for the operations of the communities,” said William Shopoff, president and chief executive officer. “This is Shopoff’s second purchase of a mobile home community in recent years, and we have found this type of asset to offer tremendous untapped value as people are looking for alternatives to apartments and other more traditional multifamily housing.”
Shopoff said that it plans to “create value” by streamlining operations across the three communities, making physical improvements where needed, and also addressing vacancies, with 112 lots currently vacant across the three properties.
Oak Creek Estates, located 55 miles outside of Downtown Chicago, is the largest of the three communities with 345 lots, with 30 percent of the homes owned by the community.
Lincoln Terrace, located between Bloomington and Springfield, Illinois, consists of 194 total lots, and approximately 25 percent of the homes are owned by the community.
Belle Aire, located approximately 80 miles southwest of Chicago, includes 72 lots, with approximately 35 percent owned by the community.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).