Shopoff Realty Investments Sells Three Manufactured Housing Communities Totaling 611 Lots in North Central Illinois
IRVINE, Calif., Jan. 31, 2022 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has sold its 611-lot, three-property portfolio of manufactured housing communities in North Central Illinois to Clear Sky Capital. The three properties include Oak Creek Estates, located in the City of Bourbonnais, Lincoln Terrace, located in the City of Lincoln, and Belle Aire, located in the City of Marseilles.
"While our business plan for this property did not anticipate such a short hold period, we were pleased to receive the unsolicited purchase offer," explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. "Disposing of this asset allows us to capture an earlier positive result for this investment, and for our valued partners, and ultimately redeploy this capital into new ventures."
Shopoff's original business plan anticipated creating value by streamlining operations across the three communities, making physical improvements where needed and addressing vacancies.
Brian Rupp, Shopoff Realty Investment's executive vice president of real estate added, "We purchased this portfolio in April 2021, and even with our short hold period we were still able to initiate improvements to community common areas including new paving, landscape improvements and deferred maintenance, and also began streamlining operations to take advantage of the economies of scale offered by a large portfolio of homes."
The three communities are in well-established suburban areas of Central Illinois.
- Oak Creek Estates is located 55 miles outside of Downtown Chicago in Bourbonnais, Illinois. The largest of the three communities, with 345 lots, 30% of the homes are owned by the community.
- Lincoln Terrace is in Lincoln, Illinois, with convenient access to I-55, and is equidistant between the employment centers of Bloomington and Springfield, Illinois. The community consists of 194 total lots, and approximately 25% of the homes are owned by the community.
- Belle Aire is in Marseille, Illinois, just 80 miles southwest of Chicago. The community is made up of 72 lots, and approximately 35% of the homes are owned by the community.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-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 30-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, 18565 Jamboree Road, Suite 200 Irvine, CA 92612. (844) 4-SHOPOFF.
Contact:
Julie Leber
Spotlight Marketing Communications
949.427.1391
[email protected]
SOURCE Shopoff Realty Investments
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