IRVINE, Calif. – July 3, 2018 – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold 15 acres of property recently entitled for a for-sale single family development in Anaheim, Calif.
The property was purchased in a joint venture with Argosy Real Estate Partners on January 31, 2017 and at the time of acquisition included two industrial-zoned land parcels comprised of 20.47 acres, which held existing structures totaling 356,187 square feet. Working closely with the city following its Residential Opportunity Overlay Zone plan, Shopoff was able to entitle the property for a new mixed-use housing development including 314 for-rent apartment units, and 232 attached and detached for-sale single-family homes.
The property will be sold in two parts, with Part 1 containing the 15 acre for-sale single family development portion of the project only. The remaining land entitled for apartments is anticipated to be sold as Part 2 to a separate multifamily developer later this year.
“Working closely with the City while diligently following their zoning plan allowed us to secure entitlements in a relatively short period of time for a project of this scale,” explained Shopoff Realty Investment CEO William Shopoff. “Ultimately the new entitlements and subsequent plan created the highest and best use for this property, benefiting area residents as well as adding value to this investment for our partners.”
Throughout the entitlement process, the property generated income being fully leased to the former owner through a sale-leaseback. The current structures on the property will be demolished by the buyer to make way for the new housing development.
John Santry, executive vice president of Shopoff Realty Investments Land Division explained, “As this area continues to transform with new residential and retail development projects, we believe this project will compliment this evolving community, providing it with much needed housing for both current and new residents alike.”
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