Home Alts News Shopoff Joint Venture Buys Future Apartment Site Near Los Angeles

Shopoff Joint Venture Buys Future Apartment Site Near Los Angeles

Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has acquired a 2.8-acre prime infill site in the Los Angeles suburb of Whittier, California. The company intends to entitle the property to allow for the development of a 60-unit apartment project.

An operational car wash is currently located on the site, which was acquired by a joint venture between Shopoff Realty Investments and Clearwater Communities for $5.5 million.

“There is an extremely limited supply of new housing in Greater Los Angeles, which makes this a significant development opportunity,” said Shopoff Realty Investments CEO William Shopoff. “Additionally, demand for new housing is high as the vacancy rate in this market has been tremendously low in recent years, averaging fewer than 40 new units annually.”

The site is located within two blocks of Presbyterian Hospital, which employs more than 2,600 healthcare professionals and support staff, providing further demand for housing.

“We’re eager to expand our geographic footprint to this municipality and look forward to the prospect it presents,” said John Santry, executive vice president of Shopoff Realty Investments’ Land Division. “The Whittier area’s lack of housing and strong demographics make it an especially attractive value-add opportunity, and a win-win for Shopoff and the local community.”

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 company’s 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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