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Shopoff, Urban Pacific Forge JV on Build-for-Rent Concept
Shopoff Realty Investments and the Urban Pacific Group of Companies have created a joint venture partnership to further advance Urban Pacific’s Urban Town House (UTH) build-for-rent, multi-generational housing concept. The JV raised $10 million of investor capital to complete entitlements on several UTH projects that will ultimately be developed through the partnership via a series of workforce housing private equity funds.
“The Urban Town House concept is a revolutionary way to tackle the lack of affordable housing for today’s working middle-class families,” said Scott Choppin, founder and CEO of Urban Pacific. “The unique three-story, five-bedroom, four-bathroom floorplan will capture the ‘forgotten middle,’ or deeply underserved multi-generational, multi-earner household market, providing a more affordable per-bedroom cost option.”
Focusing on the Southern California market, UTH developments will range from 40 to 150 units, with lease rates anticipated to average $3,700 to $4,500 per month.
Pictured: An Urban Town House development in Fullerton, CA.
- ◦Development
- ◦Financing
