Home Alts News Shopoff Buys Manufactured Housing Community Near Los Angeles

Shopoff Buys Manufactured Housing Community Near Los Angeles

Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, purchased a 46-acre manufactured housing community in the Los Angeles suburb of City of El Monte for approximately $52.7 million.

“Southern California continues to experience a severe shortage of affordable housing, a crisis which is expected to continue for the foreseeable future,” said Shopoff Realty Investments CEO William Shopoff. “We are proud to create a solution that will help meet the current demand and benefit the local community.”

Located at 12700 Elliott Avenue, the community includes 421 home sites with a 64 percent occupancy at close of acquisition. Shopoff Realty Investments’ value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding 150 homes to the community and the city’s housing stock.

“From a macro perspective, we view investments in mobile home parks very favorably,” said John Santry, executive vice president of Shopoff Realty Investments Land Division. “From the micro perspective, however, this acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market.”

Ladder Capital (NYSE: LADR) served as the lender and equity partner to Shopoff Realty Investments.

Last week, Shopoff purchased the ground lease for the Links at Victoria Golf Course, a 170+ acre property located in Los Angeles County.

Shopoff Realty Investments is an Irvine, California-based real estate firm that focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).

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