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Shopoff Acquires Three Mobile Home Communities in North Central IL
Shopoff Realty Investments has acquired a 611-lot, three-property portfolio of manufactured housing communities in North Central Illinois for an undisclosed sum. The three properties include Oak Creek Estates in Bourbonnais, Lincoln Terrace in Lincoln and Belle Aire in Marseilles.
“The large number of lots will allow immediate economies of scale for the operations of the communities,” said president and CEO William Shopoff. “This is Shopoff’s second purchase of a mobile home community in recent years, and we have found this type of asset to offer tremendous untapped value as people are looking for alternatives to apartments and other more traditional multifamily housing.”
Shopoff plans to create value by streamlining operations, making physical improvements where needed, and also addressing vacancies, with 112 lots currently vacant across the three properties.
EVP Brian Rupp said the three communities will offer Shopoff “a variety of potential value-add opportunities through asset improvement.”
- ◦Acquisition

