Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold 45 acres of raw land in Riverside County to Pulte Homes for $6.5 million.
“We originally acquired this land from the County of Riverside as a surplus land acquisition,” said Shopoff Realty Investments president and chief executive officer, William Shopoff. “Directly adjacent to our Spring Mountain Ranch master-planned community, we realized this land would be best suited for additional homes to benefit this growing area of Southern California.”
Shopoff received unanimous approval for the project from Riverside County in 2017, with approvals for 138 single-family homes, a neighborhood park and community trails that will connect to the trails in Spring Mountain Ranch.
The Shopoff team then secured necessary off-site water and sewer infrastructure installation, which was completed by the adjoining property owner in Spring 2020.
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 income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).