Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, and The Urban Pacific Group of Companies announced that they have created a joint venture partnership to further advance Urban Pacific’s “Urban Town House” build-for-rent, multi-generational housing concept.
“The Urban Town House concept is a revolutionary way to tackle the lack of affordable housing for today’s working middle-class families,” explained Scott Choppin, founder and chief executive officer of Urban Pacific. “The unique three-story, five-bedroom, four-bathroom floorplan will capture the ‘forgotten middle,’ or deeply underserved multi-generational, multi-earner household market, providing a more affordable per-bedroom cost option.”
Shopoff says the joint venture raised $10 million of investor capital to complete entitlements on several UTH projects that will ultimately be developed through the joint venture partnership via a series of workforce housing private equity funds. Focusing on the Southern California market, developments will range from 40 to 150 units, with lease rates anticipated to average $3,700 to $4,500 per month.
“Affordability and lack of housing go hand in hand in Southern California,” explained Shopoff president and chief executive officer William A. Shopoff. “The UTH concept gives us an opportunity to fill this void in the market, while also offering investment partners a unique opportunity to support this revolutionary housing concept. We are thrilled to be working with Urban Pacific through this joint venture and anticipate many successful projects to come.”
Having completed its initial capitalization, Shopoff says the company is “seeking strategic relationships with interested parties as it seeks new development opportunities throughout Southern California.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-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, the entitlement of land assets and development projects. Their history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).