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5/19/17
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Shopoff Realty Investments has acquired a 45.89-acre manufactured housing community in the San Gabriel Valley city of El Monte for $52.7 mil. The property is located at 12700 Elliott Ave, west of I-605 about midway between I-10 and Hwy 60.
The community features 421 home sites with a 64% occupancy rate at the time of sale. Shopoff’s value-add strategy or the property includes repositioning, re-tenanting and stabilizing the manufactured housing community by adding an additional 150 homes.
Ladder Capital served as both lender and equity partner to Shopoff Realty Investments.
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