Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold 18 acres of land it previously entitled for the ground-up development of 310 for-sale residential units. The site is currently occupied by the former Daniel Freeman Hospital and is located at 333 North Prairie Avenue in Inglewood, California.
“Finding opportunities like this full-cycle investment that have a value-add execution and benefit the surrounding community is the focus of our land entitlement business plan,” said Shopoff Realty Investments CEO William Shopoff. “Inglewood is currently going through a massive revitalization that is helping to drive the Southern California economy. The potential development of 310 homes would help to create much needed additional housing for local residents.”
The site was purchased at the end of 2013 and is located a mile north of the future home of the NFL’s Los Angeles Rams, the LA Stadium at Hollywood Park. In addition to the stadium, 800,000 square feet of retail and commercial space and for-rent residential units will be built with the NFL stadium in this up-and-coming submarket. 333 North Prairie Avenue is also located two blocks from the under construction, Florence/La Brea Metro transit station, which will allow commuting options for future residents.
During the entitlement process, operating income was generated by leasing facilities for location feature film shoots and television show productions.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-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.