Shopoff Sells Three Manufactured Housing Communities in North Central Illinois
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold its three-property portfolio of manufactured housing communities in North Central Illinois.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has sold its 611-lot, three-property portfolio of manufactured housing communities in North Central Illinois to Clear Sky Capital. Financial terms were not disclosed.
“While our business plan for this property did not anticipate such a short hold period, we were pleased to receive the unsolicited purchase offer,” said said William Shopoff, president and chief executive officer. “Disposing of this asset allows us to capture an earlier positive result for this investment, and for our valued partners, and ultimately redeploy this capital into new ventures.”
Shopoff’s original business plan anticipated creating value by streamlining operations across the three communities, making physical improvements where needed, and addressing vacancies.
Brian Rupp, Shopoff Realty Investment’s executive vice president of real estate added, “Even with our short hold period we were still able to initiate improvements to community common areas including new paving, landscape improvements and deferred maintenance, and also began streamlining operations to take advantage of the economies of scale offered by a large portfolio of homes.”
The three properties were purchased in April 2021 and include Oak Creek Estates located in Bourbonnais, Lincoln Terrace in Lincoln, and Belle Aire in Marseilles.
Oak Creek Estates is located 55 miles outside of Downtown Chicago and is the largest of the three communities with 345 lots. Shopoff noted that 30 percent of the homes are owned by the community.
Lincoln Terrace, located equidistant between Bloomington and Springfield, Illinois, consists of 194 lots, with approximately 25 percent of the homes owned by the community.
Belle Aire is located 80 miles southwest of Chicago and is comprised of 72 lots, with approximately 35 percent of the homes owned by the community.
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 properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments.
