Shopoff Sells 3-Property Illinois MHC Portfolio
The seller purchased the 611-lot collection less than a year ago and invested in renovations across all communities.
Shopoff Realty Investments has sold a manufactured housing portfolio in North Central Illinois to Clear Sky Capital. The collection totals 611 lots across three properties in Bourbonnais, Lincoln and Marseilles, Ill.
The seller previously acquired the portfolio in mid-April. According to Shopoff Realty Investments President & CEO William Shopoff, the company was able to begin improvements to the community’s common areas such as new paving, landscape upgrades and deferred maintenance, despite the short period of ownership.
The largest of the properties that traded is Oak Creek Estates, which is located at 1317 N. Arthur Burch Drive in Bourbonnais. The 345-lot community provides easy access to Interstate 57 and is roughly 56 miles from downtown Chicago. Oak Creek Estates was completed in 1950, and 30 percent of the homes are owned by the community.
Lincoln Terrace features 194 lots at 904 21st St. in Lincoln, with 25 percent of them owned by the community. The asset is roughly 6 miles from Interstate 55, as well as within 36 miles of both Bloomington and Springfield, Ill., employment centers.
The last property in the portfolio is situated at 823 Belle Aire St. in Marseilles, some 77 miles southwest of Chicago. Belle Aire comprises 72 lots, out of which roughly 35 percent are owned by the community.