Shopoff Realty Investments Secures Approval for Anaheim Residential Project

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Jun 11, 2020, 12:46 ET

ANAHEIM, Calif., June 11, 2020 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the proposal for its "Lincoln At Loara" townhomes project has been approved by the Anaheim City Council. Shopoff previously received project approval from the Anaheim Planning Commission on April 13, 2020, at the City's first "remote" Planning Commission hearing.

Located at 1631 & 1691 W. Lincoln Avenue, in the City of Anaheim, the project will involve demolishing an existing industrial building on the property and re-entitling the property from commercial and industrial use, to a 115-unit gated townhome development.

"This will be Shopoff's fourth land development opportunity in the city of Anaheim, and we are pleased to be able to bring another fantastic project through the entitlement stage," said Shopoff Realty Investments president and chief executive officer, William Shopoff. "Working with the City of Anaheim has been a wonderful experience, as they are focused on providing residents additional quality housing options in this supply constrained area."

In 2019 Shopoff entered into an agreement to acquire two parcels of land from a private land owner. During discussions with City of Anaheim officials, Shopoff was able to assemble an additional two parcels owned by the city, to create a more than 7-acre acre site for formal entitlement. This additional city owned land allowed for 24 units to be added to the project, resulting in the 115-unit townhome development.

Brian Rupp, Shopoff's executive vice president of development added, "This size of an assemblage of land, in an urban setting, is almost unheard of in the City of Anaheim, and even in the County of Orange. The future townhome community will be very well-positioned to meet the design and price point needs of many Orange County home buyers, making it a great addition to the city."

The project will include 27 three-story buildings, with two- and three-bedroom homes ranging from approximately 1,400 to 1,800 square feet in size. The project will be a gated community, which will also include open space amenities such as a community recreation area and pool, pocket parks, lounge areas and a dog park.

The property, is also conveniently centrally located and less than two miles from Downtown Anaheim and the Anaheim Packing District, as well as the Disneyland Resort, offering residents access to an assortment of dining and entertainment options.

About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.

Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.

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SOURCE Shopoff Realty Investments