Shopoff Realty Investments has sold its 611-lot, three-property portfolio of manufactured-housing communities in north central Illinois to Clear Sky Capital.
The three properties include Oak Creek Estates in Bourbonnais, Ill.; Lincoln Terrace in Lincoln, Ill.; and Belle Aire in Marseilles, Ill.
“While our business plan for this property did not anticipate such a short hold period, we were pleased to receive the unsolicited purchase offer,” said William Shopoff, Shopoff Realty Investments president and CEO.  “Disposing of this asset allows us to capture an earlier positive result for this investment, and for our valued partners, and ultimately redeploy this capital into new ventures.”
Shopoff's original business plan anticipated creating value by streamlining operations across the three communities, making physical improvements and addressing vacancies.
Brian Rupp, Shopoff Realty Investment's executive vice president of real estate, said, “We pu
