Shopoff Realty Investments Sells 16.1 Acres of Land After Securing Entitlements for 124 Two-Story Townhomes in Vista, CA
IRVINE, Calif. – August 11, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that the company has sold 16.1 acres of land entitled for 124 two-story townhomes in the Northern San Diego County suburb of Vista, CA, to a residential developer. The land, known by local residents as Delpy’s Corner, is currently vacant.
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.
“We are pleased to see this investment go full-cycle, knowing that residents in the City of Vista will soon benefit from new housing options in this supply-constrained market,” said Shopoff Realty Investments CEO William Shopoff. “We believe our vision of this hillside townhome community will blend seamlessly with this picturesque coastal town.”
John Santry, executive vice president of Shopoff Realty Investments Land Division, added: “By working closely with city officials and area residents, we were able to solidify the plans for this development, laying the ground work for future construction. 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.”
Investing in Shopoff Realty Investments limited partnerships involves a high degree of risk, including the possible complete loss of your investment. In addition to being an illiquid investment with an uncertain liquidity date, these investments may have other risks. The past performance of any of Shopoff Realty Investments’ Limited Partnerships is no guarantee of future results. View Risk Factors.
