IRVINE, Calif., April 19, 2021 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired a 611-lot, three property portfolio of manufactured housing communities in North Central Illinois. 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.
"The large number of lots will allow immediate economies of scale for the operations of the communities," explained Shopoff Realty Investments President and Chief Executive Officer William Shopoff. "This is Shopoff's second purchase of a mobile home community in recent years, and we have found this type of asset to offer tremendous untapped value as people are looking for alternatives to apartments and other more traditional multifamily housing."
Shopoff plans to create value by streamlining operations across the three communities, making physical improvements where needed, and also addressing vacancies, with 112 lots currently vacant across the three properties.
Brian Rupp, Shopoff Realty Investment's executive vice president of Real Estate added, "The three communities are located in well-established suburban areas of Central Illinois, and will offer Shopoff a variety of potential value-add opportunities through asset improvement, ultimately benefitting not only our bottom line, but the communities' tenants as well."
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 located 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 located 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 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.
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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SOURCE Shopoff Realty Investments