Shopoff Realty Investments Sells Lot Within the Uptown Newport Master Development for $26.26 Million
Irvine, Calif. – November 2, 2020 – Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold a 0.95-acre lot within its Uptown Newport master development, for $26.26 million. The buyer, USA Infrastructure Investments (“USAI”), plans to develop a 66-unit luxury condominium project on the property. USAI is a privately held national development firm with multiple award-winning developments throughout the country.
“With approved entitlements in place, this site will provide USAI an ideal starting point for a residential development,” explained Shopoff Realty Investments president and CEO William Shopoff. “In fact, the Uptown Newport master development has already seen great success in its for-rent residential development, One Uptown, and with proper execution, we anticipate subsequent housing developments will realize the same positive result.”
This new luxury condominium project will be designed by nationally acclaimed architectural firm, Lucien Lagrange Studio, and will be developed by USAI. Lucien Lagrange Studio has been the architect for many of the most luxurious residential buildings in America, including renowned projects such as the Chicago Park Hyatt and the Chicago Waldorf Astoria.
The project will feature six stories with 66 luxury condominium units that will average 2,200 square feet. The community will be fully amenitized with features such as a fitness center, resort-style pool, underground parking, state of the art air management system, and upon completion is set to be 2020 Green Building Standards Code compliant.
Shopoff purchased the 25-acre lot that is now the Uptown Newport master planned development in 2010 and secured entitlements in 2013 for 1,244 residential units, 11,500 square feet of commercial/retail space and two one-acre parks. The property is divided into two phases, with 11 total lots. Phase 1 will include an already complete one-acre community park, as well as the 458-unit One Uptown Newport luxury apartments. Phase 1 will also include an additional 30 condominium units as well as restaurant and retail space.
Brian Rupp, Shopoff’s executive vice president of development added, “We’re pleased to see this land go to a developer that understands the vision behind this master development. This new condominium project should provide a fantastic housing option for this transforming area of Newport Beach, which is in need of additional quality housing options for area workers.”
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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