May 22, 2017
Irvine, CA-based Shopoff Realty Investments acquired a 45.9-acre manufactured housing community in El Monte, CA for roughly $52.7 million. Located at 12700 Elliott Ave., the 64%-occupied community features 421 home sites.
Shopoff Realty Investments Land Division’s John Santry says at the micro level the “acquisition provides us an opportunity to perform physical and operational improvements, stabilize occupancy and potentially enjoy a significant value-add proposition. It is a rare opportunity to acquire a value-add asset of significant scale within the Los Angeles market.”
Shopoff Realty Investments’ value-add strategy includes repositioning, re-tenanting and stabilizing the manufactured housing community, by adding 150 homes to the neighborhood and the city’s housing stock.
The site is located along the San Gabriel River Trail and 605 Freeway, near Mountain View High School.
Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.
For comments, questions or concerns, please contact Dennis Kaiser