Renovation Complete at 42-Unit Affordable Housing Community in North Tennessee

Michael Gaber

CELINA, TN – WNC, a national investor in real estate and community development initiatives, announced the renovation of Southern Oaks Apartments, a 42-unit affordable housing community in Celina, Tennessee, has been completed. WNC provided approximately $3.1 million in low-income housing tax credit (LIHTC) equity to fund the rehabilitation project.

“With the demand for affordable housing continuing to grow across the nation and outpace the development of new stock, it’s increasingly important to preserve and protect existing LIHTC communities,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are very pleased to announce the renovation of Southern Oaks Apartments, which provides quality, safe affordable homes to families in need.”

Located at 1001 Gainesboro Highway, Southern Oaks Apartments is comprised of eight resident buildings and a clubhouse. Community amenities include a laundry facility, computer center, playground and picnic area.

Southern Oaks Apartments is available to families with incomes at 50 percent and 60 percent of the area’s median household income level.

CMS Real Estate Development LLC served as the developer for the renovation project.

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

Julie Leber

Spotlight Marketing Communications

949.427.5172 ext. 703

julie@spotlightmarcom.com

 www.wncinc.com.

Shopoff Realty Investments Invests in a Ground Lease in Carson, CA

 Carson, CA, May 16, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has invested in the entity that holds the ground lease for the Links at Victoria Golf Course. 

The County of Los Angeles-owned 170+ acre property is located at 340 East 192nd Street in the city of Carson, California.

“The Links at Victoria Golf Course acquisition fits in well with our overall portfolio, as we focus on properties in core infill locations with value-add components,” said Shopoff Realty Investments CEO William Shopoff. “We are thrilled to invest in this property, and will continue to seek similar investment opportunities that align with our company acquisition strategy.”

The golf course is in close proximity to the major employers and residential areas of South L.A. County.  The current golf course management by Greenway Golf and the cash infusion provided by Shopoff will allow the facility to return to operational soundness.

“Current plans for the golf course include increasing operational income through enhanced golf course facilities and food and beverage operations,” said John Santry, executive vice president of Shopoff Realty Investments Land Division. 

“Plans also include creating a better overall visitor experience for local golfers, including a completely redesigned driving range, which will also increase the number of rounds played and the top line revenue.”

The opening for the new driving range is scheduled for June 2017 in anticipation of the extended summer playing hours.  A beverage cart with on-course service will commence in the coming weeks. Additional course enhancements including environmentally friendly turf reductions are planned for the future as well.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Shopoff Realty Investments Sells 18 Acres of Land Entitled for Home Development Near Future Los Angeles NFL Stadium

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.

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

jill@spotlightmarcom.com