Shopoff Sells Brookside Mobile Home Park for $73M
- Mar 02, 2018
Shopoff Realty Investment has traded Brookside Mobile Home Park, a manufactured housing community in El Monte, Calif., for $72.5 million in an off-market sale. Shopoff purchased the asset in a joint venture with Ladder Capital, in April 2017, for $52.7 million. The sale resulted in a 1.8 property-level equity multiple.
Located at 12700 Elliott Ave., the community comprises 421 mobile homes on more than 45 acres, next to San Gabriel River just off Interstate 60S. Additionally, downtown Los Angeles is approximately 16 miles from the community. Shopoff, during its ownership of the asset, implemented improvements such as streamlined park operations and assisted the city of El Monte in securing approvals to build carports at the properties.
“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,” said CEO William Shopoff of Shopoff, in prepared remarks. “While the sale of Brookside was certainly unplanned, we ultimately decided the sale would be in the best interest of all partners involved.”
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