Irvine-based Shopoff Realty Investments has sold Brookside Mobile Home Park at 12700 Elliott Ave. in El Monte, comprised of 421 mobile home sites set on more than 45 acres, for $72.5 million, a 38 percent gain on its investment.
Shopoff Realty bought the property for $52.7 million in April 2017 as part of a joint venture with Ladder Capital, a New York-based real estate investment trust. The sale included $14.7 million in equity and $38 million in debt that Ladder provided. The property was built in 1966, according to CoStar.
William Shopoff, Shopoff Realty Investments’ chief executive officer, in a statement said the property was off the market when RHP Properties made an offer for it.
“The property was not on the market and we received an unsolicited offer," he said. "The offer provided for a significant gain and hence the partners decided to abandon their original plan and take an early sale.”
During its brief period of ownership, Shopoff Realty combined fee land and the leasehold operations as well as worked with the City of El Monte to secure approvals permitting carports to be built at the property, which previously wasn’t permitted by state codes, John Santry, Shopoff’s executive vice president said in a statement.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.