Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold the apartment development phase of its Anaheim Packing District Area Project, a nearly 5.5-acre property entitled for a 314-unit apartment development. The property was sold to Anton Development, and financial details were not disclosed.
Located at 901 E. South Street in the Anaheim Colony area, the property is within walking distance of the Anaheim Packing District, the area’s popular, artisan-based multi-eatery dining establishment.
The property was purchased in a joint venture with Argosy Real Estate Partners on January 31, 2017, and at the time of acquisition, included two industrial-zoned land parcels comprised of nearly 20.5 acres that held existing structures totaling 356,187 square feet.
Working with the City of Anaheim and following its residential opportunity overlay zone plan, Shopoff entitled the property for a new mixed-use housing development including 314 rental apartment units, and 232 attached and detached for-sale single-family homes. The homebuilder portion of the property, consisting of the 15-acre, for-sale single family development portion of the project, was sold in July 2018, as reported by The DI Wire.
“In a transforming area of the city of Anaheim, this new apartment community will provide much needed rental housing, while offering its future residents the benefit of living within walking distance of the Anaheim Packing District, the area’s most popular and eclectic multi-restaurant dining hall,” explained Shopoff Realty Investments president and CEO William Shopoff.
He added, “We anticipate this development will have a positive impact on this redeveloping neighborhood for years to come and are proud to have been a part of the process of elevating this property to its highest and best use for the community.”
Argosy Real Estate Partners specializes in opportunistic investing in multifamily, commercial, lodging and residential opportunities throughout the United States.
In other Shopoff news, the company recently promoted two executiveswithin its real estate division. John Santry now serves as the company’s executive vice president of real estate, and Brian Rupp as the executive vice president of development.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 27-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 27-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).