Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, has sold Phase 1 of its Desert Moon Estates property for an undisclosed sum. Located in Buckeye, Arizona, the first phase includes 254 lots, and was sold to Forestar (USA) Real Estate Group Inc. which will develop the site.
Originally approved for 739 homes, Shopoff acquired Desert Moon Estates in 2009, with a plan to hold the property during market recovery from the Great Recession. During the hold period, Shopoff said that it created value by re-engineering the site to provide improved lot segmentation and to reduce costs to finish the lots with value engineering.
“Seeing this project reach the next stage of development is a great success for our team, as well as Buckeye residents in need of quality housing,” said William Shopoff, president and chief executive officer of Shopoff Realty Investments. “Desert Moon Estates will be developed in three phases and will ultimately provide more than 700 new homes for current and future Buckeye residents.”
Located 30 minutes west of the Phoenix metropolitan area, Buckeye has seen a variety of suburban development over the past 20 years, including new single-family subdivisions, a new high school, and several suburban shopping centers.
Shopoff Realty Investments is an Irvine, California-based real estate firm primarily focused on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The firm’s 27-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).