Shopoff Realty Investments recently sold 45 acres of raw land in Riverside County to Pulte Homes for $6.5 million. Shopoff originally acquired the land from Riverside County as a surplus land acquisition, says William Shopoff, Shopoff Realty Investments president and chief executive officer.

“Directly adjacent to our Spring Mountain Ranch master-planned community, we realized this land would be best suited for additional homes to benefit this growing area of Southern California,” Shopoff explains.

Shopoff received unanimous approval for the project from Riverside County in 2017, with approvals for 138 single-family homes, a neighborhood park and community trails that will connect to the trails in Spring Mountain Ranch. The Shopoff team then went to work securing necessary off-site water and sewer infrastructure installation, which was completed by the adjoining property owner in spring 2020.

“After navigating through the housing downturn as well as the entitlement process, we are pleased to have successfully concluded the business plan for this asset,” adds Brian Rupp, Shopoff Realty Investment’s EVP of real estate.