BUCKEYE, Ariz., Aug. 2, 2021 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has successfully sold the third and final phase of Desert Moon Estates in Buckeye, Arizona, including 229 single-family lots.
All three phases, totaling 739 lots across 200 acres, were sold to Forestar (USA) Real Estate Group Inc., who will develop the site into for-sale single-family homes. The second phase, with 256 lots, was sold in October 2020, and the first phase of 254 lots was sold in October 2019.
“Providing new home sites in today’s supply-constrained market is critical to overcoming the national housing shortage,” explained Shopoff Realty Investments President and CEO William Shopoff. “We are proud to have been able to deliver more than 700 new home lots to Forestar, who create a quality product for future residents.”
Shopoff acquired Desert Moon Estates in 2009, with a plan to hold the property during market recovery from the great recession. During the hold period, Shopoff created value by re-engineering the site to provide improved lot segmentation and to reduce costs to finish the lots with value engineering.
Brian Rupp, Shopoff Realty Investments’ executive vice president of real estate, added, “We are thrilled to move this project across the finish line and provide new housing opportunities in the west Phoenix Valley. Desert Moon Estates is a master…