Shopoff Closes Fifth Fund With $71M

William Shopoff

Shopoff Realty Investments has closed its fifth fund, Shopoff Land Fund V, with $71 million in commitments, exceeding its initial goal. The fund was originally sized at $60 million, but strong interest in the fund allowed for an increase to the Private Placement Memorandum Maximum allowance of $71 million. Like the preceding funds that came before, this fund will continue to focus on land acquisitions with value-add upside gained through entitlements.

“Land entitlement continues to be a successful strategy for Shopoff, based on my knowledge of the market, the lack of housing supply and increased demand continue to grow, especially in California markets,” William Shopoff, CEO of Shopoff Realty Investments, tells GlobeSt.com. “While no strategy is guaranteed to succeed, this deficit has provided us the opportunity to take commercial properties and/or land that was once used for retail, industrial and other uses, and re-entitle them for housing to better fulfill market needs.”