Shopoff Targets 2022 for Parkhouse Residences Completion

Shopoff Realty Investments recently secured a $50.5 million construction loan from RMWC for its Parkhouse Residences at Uptown Newport project located at 4239 Uptown Newport Dr. in Newport Beach. With construction financing secured, site development will commence later this month with construction anticipated to be completed in fall or winter 2022. This development is part of an ongoing developer effort to support an undersupplied market.

“The Uptown Newport master development has seen great activity over the past year through phase one of development including the completion of our joint-venture apartment project with Picerne Group, One Uptown Newport Apartments as well as the public park,” says William Shopoff, president and CEO of Shopoff Realty Investments. “As the next project in phase one, Parkhouse Residences will offer a much-needed for-sale option for this transforming neighborhood of Newport Beach’s airport area, with a unique product type designed to provide the lock-and-leave benefits of a condo with the luxury and privacy of a single-family home.”

The 30-unit boutique luxury condominium project will feature five five-story buildings with a combination of three-bedroom, half-floor flats and two-story penthouses priced from approximately $1.9 million.