Shopoff Realty Investments, Urban Pacific create urban town homes development JV

Shopoff Realty Investments and The Urban Pacific Group of Companies have created a joint venture partnership to further advance Urban Pacific’s Urban Town House (UTH) build-for-rent, multi-generational housing concept.

“The Urban Town House concept is a revolutionary way to tackle the lack of affordable housing for today’s working middle-class families,” explained Scott Choppin, founder and CEO of Urban Pacific. “The unique three-story, five-bedroom, four-bathroom floorplan will capture the ‘forgotten middle,’ or deeply underserved multi-generational, multi-earner household market, providing a more affordable per-bedroom cost option.”

The joint venture raised $10 million of investor capital to complete entitlements on several UTH projects that will ultimately be developed through the joint venture partnership via a series of workforce housing private equity funds. Focusing on the Southern California market, developments will range from 40 units to 15