Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has closed its Shopoff Commercial Growth and Income Fund III offering after meeting the fund’s closing deadline, raising more than $20 million in equity.
Shopoff Commercial Growth and Income Fund III is a private placement offering that intends to acquire select real estate and real estate related investments, with the goal of repositioning and creating value for each asset to potentially increase long-term values and cash flow.
The company plans to sell each property to a buyer of stabilized commercial real estate once the property’s business plan is complete. To date, the fund has invested in five commercial assets, located in California, Nevada and Texas.
“The commercial real estate market continues to provide viable investment opportunities to reposition assets that are not living up to their full value potential,” explained Shopoff Realty Investment CEO William Shopoff. “Shopoff Commercial Growth and Income Fund III will provide the investment capital needed to continue to identify and secure these diamonds in the rough-type properties and allow us to work diligently to improve each asset’s value and cash-flow over our investment period in an effort to deliver potential returns to our investment partners.”
Shopoff Commercial Growth and Income Fund III is the third fund in a series of offerings that focus on investing in and repositioning value-add commercial properties. Returns are created primarily through full-cycle capital gain events where Shopoff typically returns capital when asset investment goals are met.
Recently the firm closed an additional private placement, Shopoff Land Fund V, with a total raise of more than $70 million. Collectively with Shopoff Commercial Growth and Income Fund III, and several tenants in common transactions, the firm raised in excess of $135 million in equity since January 2017.
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 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).