Shopoff Buys Nearly 1,500 Acres of Land for Development in Southern California
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has purchased 1,463 acres of land in the city of Calimesa, California.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has purchased 1,463 acres of land in the city of Calimesa, California, part of Riverside County.
Currently fully entitled, the project allows for a maximum of 3,650 residential units, 250,000 square feet of commercial space, two elementary schools, and approximately 565 acres of open space.
“The Inland Empire has continued to see immense growth over the past decade, and the demand for new housing is at an all-time high,” said William Shopoff, president and chief executive officer. “Shopoff has played a pivotal role in several area master plans in the past by securing necessary project entitlements, and is thrilled to be able to take this project through the development phase with our partner.”
Located off Sandalwood Drive near the confluence of the 1-10 freeway and 60 Highway, the project location will allow freeway access for future residents to area employment, as well as the greater Inland Empire, the company said.
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 properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments.
