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| 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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