Sunday, May 21, 2017

Shopoff Realty Investments Acquires 45.89-Acre Manufactured Housing Community Near Los Angeles

John Santry
LOS ANGELES, CA –– Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced it acquired a 45.89-acre manufactured housing community in the City of El Monte, a Los Angeles suburb, for approximately $52.7 million.

“Southern California continues to experience a severe shortage of affordable housing, a crisis which is expected to continue for the foreseeable future,” said Shopoff Realty Investments CEO William Shopoff. “We are proud to create a solution that will help meet the current demand and benefit the local community.” 

Located at 12700 Elliott Avenue, the community features 421 home sites with a 64 percent occupancy at close of acquisition. Shopoff Realty Investments’ value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding 150 homes to the community and the city’s housing stock.

“From a macro perspective, we view investments in mobile home parks very favorably,” said John Santry, executive vice president of Shopoff Realty Investments Land Division.

“From the micro perspective, however, this acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market.” 

Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.

For a complete copy of the company’s news release, please contact:

Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701

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