“By working closely with city officials and area residents, we were able to solidify the plans for this development, laying the groundwork for future construction,” adds John Santry, EVP of Shopoff's land division. “Overall, this investment gave us the opportunity to not only help fill a housing void in a local market, but also to create value for our investment partners.”

Santry tells GlobeSt.com, “Our original plan for the Vista property was to entitle the site for 200 market-rate, rental apartment units in several three-story buildings. During the entitlement process, we experienced opposition from some of the city councilmembers to our application to amend the general plan. The amendment would have allowed a minor change in the density from the allowed 10 units per acre to 12.5 units per acre. We made the decision to pivot from rental product to for-sale housing, which would not require the amendment. We then determined that 124 two-story townhomes would be more acceptable to future home buyers in this particular location.”

Santry adds that Shopoff's land division's business plan is “to add value through the entitlement process, so we are always searching for opportunities to envision and create higher and better uses for land. The current housing crisis in California keeps us focused on providing residential sites for homebuilders to create much needed homes.”

Housing projects continue to be a concern for the firm in other areas of Southern California as well. In March, Shopoff Realty Investments' SVP development Brian Rupp told GlobeSt.com that as housing prices continue to escalate in Orange County, projects that include a mix of detached and attached for-sale homes, along with modern and highly amenitized apartment buildings, are critical. The firm, along with funds managed by Argosy Real Estate Partners, had acquired a 20.5-acre property in Anaheim, CA, for redevelopment to residential use, the third land-development opportunity that Shopoff had undertaken in the city of Anaheim.

That property, located at 901 E. South St. in the Anaheim Colony area of Anaheim, had been improved before Shopoff's acquisition with a 356,187-square-foot distribution warehouse and office space. The corporate seller was retained as a tenant and will lease the property for several more months. The property is within walking distance of the Anaheim Packing District, the area's popular, artisan-based multi-eatery dining establishment. MLK Real Estate Capital arranged $26.5 million in bridge financing for the acquisition.

|

IRVINE, CA—Shopoff Realty Investments, an Irvine, CA-based manager of opportunistic and value-add investments, has sold 16.1 acres of vacant infill land entitled for 124 two-story townhomes in Vista, CA, to residential developer CalAtlantic Homes to help ease the tight housing inventory in that Northern San Diego County submarket. The land, known by local residents as Delpy's Corner, is currently vacant.

CalAtlantic will be developing The Enclave at Delpy's Corner on the land. The property is located approximately 10 miles inland from the Pacific Ocean, and hubs throughout Southern California are conveniently accessed via nearby SR-78, SR-76, I-5 and I-15.

Shopoff partnered closely with Vista city officials to create a zoning plan that would benefit area residents and help ease a lack of housing inventory in the local community. The company worked through the entitlement process, navigating the engineering hurdles of a hillside development, while also garnering community approval.

According to William Shopoff, CEO of the firm, “We believe our vision of this hillside townhome community will blend seamlessly with this picturesque coastal town.” He added that Shopoff is pleased to see the investment go full cycle, knowing that Vista residents will soon benefit from new housing options.

“By working closely with city officials and area residents, we were able to solidify the plans for this development, laying the groundwork for future construction,” adds John Santry, EVP of Shopoff's land division. “Overall, this investment gave us the opportunity to not only help fill a housing void in a local market, but also to create value for our investment partners.”

Santry tells GlobeSt.com, “Our original plan for the Vista property was to entitle the site for 200 market-rate, rental apartment units in several three-story buildings. During the entitlement process, we experienced opposition from some of the city councilmembers to our application to amend the general plan. The amendment would have allowed a minor change in the density from the allowed 10 units per acre to 12.5 units per acre. We made the decision to pivot from rental product to for-sale housing, which would not require the amendment. We then determined that 124 two-story townhomes would be more acceptable to future home buyers in this particular location.”

Santry adds that Shopoff's land division's business plan is “to add value through the entitlement process, so we are always searching for opportunities to envision and create higher and better uses for land. The current housing crisis in California keeps us focused on providing residential sites for homebuilders to create much needed homes.”

Housing projects continue to be a concern for the firm in other areas of Southern California as well. In March, Shopoff Realty Investments' SVP development Brian Rupp told GlobeSt.com that as housing prices continue to escalate in Orange County, projects that include a mix of detached and attached for-sale homes, along with modern and highly amenitized apartment buildings, are critical. The firm, along with funds managed by Argosy Real Estate Partners, had acquired a 20.5-acre property in Anaheim, CA, for redevelopment to residential use, the third land-development opportunity that Shopoff had undertaken in the city of Anaheim.

That property, located at 901 E. South St. in the Anaheim Colony area of Anaheim, had been improved before Shopoff's acquisition with a 356,187-square-foot distribution warehouse and office space. The corporate seller was retained as a tenant and will lease the property for several more months. The property is within walking distance of the Anaheim Packing District, the area's popular, artisan-based multi-eatery dining establishment. MLK Real Estate Capital arranged $26.5 million in bridge financing for the acquisition.