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| William Shopoff |
INGLEWOOD, CA – Shopoff
Realty Investments, a national manager of opportunistic and value-add real
estate investments, announced the company has sold 18 acres of land it
previously entitled for the ground-up development of 310 for-sale residential
units.
The site is currently occupied by the former
Daniel Freeman Hospital and is located at 333 North Prairie Avenue in
Inglewood, California.
“Finding opportunities
like this full-cycle investment that have a value-add execution and benefit the
surrounding community is the focus of our land entitlement business plan,” said
Shopoff Realty Investments CEO William
Shopoff.
“Inglewood is currently
going through a massive revitalization that is helping to drive the Southern
California economy. The potential development of 310 homes would help to create
much needed additional housing for local residents.”
The site was purchased at
the end of 2013 and is located a mile north of the future home of the NFL’s Los
Angeles Rams, the LA Stadium at Hollywood Park.
In addition to the
stadium, 800,000 square feet of retail and commercial space and for-rent
residential units will be built with the NFL stadium in this up-and-coming
submarket.
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| John Santry |
333 North Prairie Avenue
is also located two blocks from the under construction, Florence/La Brea Metro
transit station, which will allow commuting options for future residents.
“Though unrelated to the
stadium development, this for sale residential development will accentuate the
benefits to the local community and economy,” said John Santry, executive vice president of Shopoff Realty Investments
Land Division.
“We were pleased to execute on this business plan and contribute
to the overall improvement of the Inglewood area, while also developing new relationships
with the City of Inglewood.”
During the entitlement
process, operating income was generated by leasing facilities for location
feature film shoots and television show productions.
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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