Urban Pacific, Shopoff JV to Develop Southern California Communities
The first groundbreakings are expected later this year.
A rendering of one of the proposed properties. Image courtesy of The Urban Pacific Group of Companies
The Urban Pacific Group of Cos. has secured a partner to help expand its “Urban Town House” concept throughout Southern California. The firm has formed a joint venture with Shopoff Realty Investments and raised $10 million of investor capital that will be used to finish several upcoming projects. The joint venture will scale up the UTH concept of build-for-rent, multi-generational housing.
Scott Choppin, founder & CEO of Urban Pacific, said in prepared remarks that the model revolves around a three-story building with a five-bedroom, four-bathroom floorplan that is designed for working to middle-class households. The joint venture will mostly focus on building out UTH concepts in the Southern California market with developments that range between 40 and 150 units.
A rendering of one of the proposed properties. Image courtesy of The Urban Pacific Group of Companies
Bill Shopoff, president & CEO of Shopoff Realty Investments told Multi-Housing News that the joint venture expects to break ground on its first projects in the fourth quarter of this year. Shopoff also told MHN that the partnership has several sites under control and plans to break ground on a second wave of properties next year. After Southern California, the partnership will look to expand its UTH concept to Northern California, as the market has a similar need for homes catered to the middle class.
Looking throughout SoCal
The joint venture is expecting the UTH concept to continue growing in the coming years, considering how homeownership is becoming more difficult to obtain, largely as a result of rising prices and interest rates. While the partnership has some initial projects ready, it will look for strategic relationships with interested parties as well as development opportunities throughout Southern California.
Urban Pacific created its UTH model back in 2017 and has since delivered several workforce housing communities catering to middle-income households in California. The firm previously completed 1029 S. Montebello Blvd. in Montebello, Calif. that offers 15 UTH units and 1491 Atlantic Ave. in Long Beach, Calif. that has five UTH units.
