Shopoff Realty Investments has closed its Shopoff OC Development Fund.
The fund was fully subscribed for approximately $40 million, completed more than two months before the scheduled closing date. The fund will provide equity to secure entitlements for the future development of a 26-acre mixed-use neighborhood, as part of the Westminster Mall redevelopment, in Westminster, California.
“The early closing of this fund demonstrates the need for quality investment options in today’s volatile market,” said William Shopoff, Shopoff Realty Investments president and CEO. “This offering brought a unique opportunity for accredited investors, with a mall redevelopment project in a stellar location in coastal Orange County that is further bolstered by the city’s need to fulfill state housing requirements. We were pleased by how well received this investment opportunity was by the broker-dealer and RIA communities and appreciate the continued support of our partners.”