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Sign in Sign up for a FREE subscriptionArgosy, Shopoff exit the Tuscany Valley and Tuscany Crest Portfolio in Lake Elsinore, Calif.
A partnership between Argosy Real Estate Partners and Shopoff Realty Investments has exited its investment in the Tuscany Valley and Tuscany Crest Portfolio, comprising a total of 335 entitled residential lots in Lake Elsinore, Calif.
Argosy had previously partnered with Shopoff to acquire the two properties through a recapitalization of a Shopoff-controlled ownership entity. Lake Elsinore is located along Interstate 15 in Southern California in the southwest Inland Empire market.
In fourth quarter 2023, the partnership engaged ProvinceWest to market the assets for sale, which resulted in multiple offers from public homebuilders. The partnership awarded the asset to one of the top 10 largest public homebuilders in the United States.