BUCKEYE, Ariz., Aug. 2, 2021 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold the third and final phase of Desert Moon Estates in Buckeye, Arizona, including 229 single-family lots.
All three phases, totaling 739 lots across 200 acres, were sold to Forestar (USA) Real Estate Group Inc., who will develop the site into for-sale single-family homes. The second phase, with 256 lots, was sold in October 2020, and the first phase of 254 lots was sold in October 2019.
"Providing new home sites in today's supply-constrained market is critical to overcoming the national housing shortage," explained Shopoff Realty Investments President and CEO William Shopoff. "We are proud to have been able to deliver more than 700 new home lots to Forestar, who create a quality product for future residents."
Shopoff acquired Desert Moon Estates in 2009, with a plan to hold the property during market recovery from the great recession. During the hold period, Shopoff created value by re-engineering the site to provide improved lot segmentation and to reduce costs to finish the lots with value engineering.
Brian Rupp, Shopoff Realty Investments' executive vice president of real estate, added, "We are thrilled to move this project across the finish line and provide new housing opportunities in the west Phoenix Valley. Desert Moon Estates is a master plan with close proximity to schools, shopping and transportation corridors that make this an ideal location for new housing."
Located in the western-most suburb of the Phoenix metropolitan area, Buckeye has seen a variety of suburban development over the past 20 years, with new single-family subdivisions, a new high school to the south, and several suburban shopping centers nearby. Desert Moon Estates' direct access to Interstate 10 will provide future residents with convenient access to the greater Phoenix MSA.
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
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