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| William Shopoff |
LOS ANGELES, CA, May 31, 2017 – Shopoff Realty Investments, a national manager of
opportunistic and value-add real estate investments, announced today that it has
acquired a 2.8-acre prime infill site in the Los Angeles suburb of Whittier,
California.
The company intends to entitle the property to allow for the
development of a 60-unit apartment project.
An operational car wash
is currently located on the site, which was acquired by a joint venture between
Shopoff Realty Investments and Clearwater Communities for $5.5 million.
“There is an extremely
limited supply of new housing in Greater Los Angeles, which makes this a
significant development opportunity,” said
Shopoff Realty Investments CEO William Shopoff.
“Additionally, demand for new housing is high
as the vacancy rate in this market has been tremendously low in recent years,
averaging fewer than 40 new units annually.”
The site is located
within two blocks of Presbyterian Hospital, which employs more than 2,600
healthcare professionals and support staff, providing further demand for
housing.
“We’re eager to expand
our geographic footprint to this municipality and look forward to the prospect
it presents,” said John Santry, executive vice president of Shopoff Realty
Investments’ Land Division. “The Whittier area’s lack of housing and strong
demographics make it an especially attractive value-add opportunity, and a
win-win for Shopoff and the local community.”
The acquisition presents
a rare opportunity to acquire a value-add entitlement development in Los Angeles
County within the multifamily sector.
For a complete copy of the company’s news release,
please contact:
Julie
Leber
Spotlight
Marketing Communications
949.427.5172,
ext. 703
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