Shopoff Sells 7.9 Acres of Entitled Land in California to Lennar Homes
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold a 7.9-acre site of entitled land located in Riverside County, California to publicly-traded homebuilder Lennar (NYSE: LEN).
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold a 7.9-acre site of entitled land located in Riverside County, California to publicly-traded homebuilder Lennar (NYSE: LEN). The sale price was not disclosed.
Shopoff entitled the project, Spring Mountain West, for 72 single-family detached condominium homes located within Spring Mountain Ranch, a 785-acre master plan that Shopoff originally entitled in 2003. Shopoff also secured entitlements for several other projects in the surrounding area including Springbrook Estates and Box Springs Estates.
“Shopoff sold the Spring Mountain Ranch Master Plan in 2003 and retained the 7.9-acre portion of the original property, which was then planned for commercial uses,” explained Shopoff Realty Investments CEO William Shopoff. “We believed a residential product would provide more value and also better compliment the neighboring residential developments, so we re-entitled the property for residential.”
Entitlements secured for the Spring Mountain West property include a tentative tract map for 72 single-family detached condominium homes. The two-story units will range from approximately 1,500 to 1,800 square feet and clustered in groups of four or six units.
In other company news, Shopoff recently completed a $3.5 million acquisition loan to Rancho Village Partners LLC for a 33.5-acre land purchase, as reported by The DI Wire.
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).
