Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold its 141-unit Moss Street Townhome project to Shea Homes.
"This townhome development will be a wonderful addition to this evolving neighborhood of Chula Vista that will also soon be home to the $1 billion Chula Vista Bayfront Redevelopment Project, located less than one mile away," explained Shopoff Realty Investments President and CEO William Shopoff.
The 6.94-acre property is located in Chula Vista, California, at the intersection of Moss Street and Industrial Blvd. Formerly approved for light industrial uses, Shopoff worked diligently with the City of Chula Vista to secure project entitlements. The entitlements allow the property to be developed into a gated housing community featuring 141 three-story attached townhomes.
"Future residents will be able to enjoy the area's robust amenities for years to come, and we are proud to see this property move forward towards development, bringing some much-needed housing to the area," Shopoff added.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-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, the entitlement of land assets and development projects. The 31-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.