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Shopoff Realty Sells SoCal Manufactured Housing Park for $73M
Irvine, CA-based Shopoff Realty Investments sold Brookside Mobile Home Park in El Monte, CA to an undisclosed party for $72.5 million, after an 11-month holding period. Located at 12700 Elliott Ave., the manufactured housing community consists of 421 mobile home sites set on more than 45 acres.
Shopoff purchased the property in April 2017, together with New York-based Ladder Capital, in a joint-venture partnership for $52.7 million, which included $14.7 million in equity and $38 million in debt provided by Ladder. The sale resulted in a 1.76 property-level equity multiple.
Shopoff Realty Investments’ William Shopoff says, ”Brookside Mobile Home Park was off-market and unsolicited when we were approached by the buyer with an offer to purchase the property at an acquisition price substantially higher than our original purchase price.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

