Shopoff Realty Investments Breaks Ground on Parkhouse Residences in Newport Beach
$90 Million Luxury Condominium Development Now Underway, Sales Launch this Summer
Newport Beach, Calif. (May 20, 2021) – Earlier this week Shopoff Realty Investments, a leading national real estate and investment firm based in Irvine, broke ground on a $90 million luxury condominium community, Parkhouse Residences, that is the only brand-new luxury condominium development of its kind on the horizon for Newport Beach.
Newport Beach Mayor Brad Avery and Councilperson Marshall “Duffy” Duffield joined other local dignitaries, community leaders and the Shopoff team during a private, socially-distanced groundbreaking ceremony on May 19 to commemorate the start of construction.
“Today marks a new era of housing in Newport Beach with the groundbreaking of Parkhouse Residences, bringing a much-needed addition to this extraordinary city as it continues to grow,” said Mayor Avery. “Shopoff Realty Investments is creating living opportunities that haven’t existed in the past and I look forward to seeing the next phase of housing coming to the area with Bill Shopoff as a proud champion of Newport Beach.”
Over the coming months, a flurry of construction activity is expected across the 25-acre, two-phase development that is part of the $1.25 billion master-planned community of Uptown Newport, located near Jamboree Road and MacArthur Boulevard. Parkhouse’s five, five-story buildings will feature a limited collection of 30 homes with a combination of three-bedroom, half-floor flats and two-story penthouses priced from approximately $1.9 million. Completion of construction is expected in spring 2022 with homeowners moving in soon after.
“The enthusiasm surrounding Parkhouse Residences since we announced the project in February has been overwhelming and has resulted in hundreds of inquiries from prospective buyers locally and nationally,” said Bill Shopoff, president and CEO of Shopoff Realty Investments. “These brand-new, sophistical residences will set a new standard of high-end, high-style condominium living in Newport Beach with low-rise buildings, direct elevator entry, half-floor residences and private garages. We look forward to seeing this community take shape in the coming months.”
With residential interiors by internationally acclaimed and locally adored Blackband Design, Parkhouse is the epitome of sophisticated coastal chic living, with oversized windows and seamless terraces, that usher in Southern California’s iconic light and ocean breezes. Effortless living extends to thoughtful amenities including a lap pool and hot tub, a resort-inspired cabana, a state-of-the-art fitness center, private garages, direct elevator entry and, just outside, Parkhouse’s namesake – the pristine one-acre Uptown Park, a shaded, grassy village green.
For more information or to register to be among the first to learn about the summer sales launch, visit ParkhouseResidences.com.
About Parkhouse Residences
Tucked away in a private Back Bay enclave in Newport Beach, Parkhouse Residences is the premier luxury condominium community within Uptown Newport, a $1.25 billion master-planned, mixed-use development that is the largest of its kind in the area. Comprised of five distinct buildings, each meticulously designed by WHA Architects, Parkhouse Residences will feature a boutique collection of 30 half-floor flats and two-story penthouses priced from approximately $1.9 million. With residential interiors by internationally acclaimed and locally adored Blackband Design, Parkhouse is the epitome of sophisticated coastal chic living, with oversized windows and seamless terraces, that usher in Southern California’s iconic light and ocean breezes. Effortless living extends to thoughtful amenities including a lap pool and hot tub, a resort-inspired clubhouse, an indoor/outdoor high-tech fitness center, private garages, direct elevator entry and, just outside, Parkhouse’s namesake – the pristine one-acre Uptown Park, a shaded, grassy village green. Sales launch Spring 2021 with completion expected in late 2022. For more, visit ParkhouseResidences.com.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 29-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 29-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.
The Shopoff Team attends the Parkhouse Residences Groundbreaking Event.
Bill and Cindy Shopoff with Mayor Brad Avery.
