Shopoff Realty Investments and the Urban Pacific Group of Companies have formed a joint venture to further develop Urban Pacific’s build-for-rent, multi-generational housing concept. The JV raised $10 million in investor capital to complete entitlements on several projects that will be developed through the partnership via a series of workforce housing private equity funds.
Scott Choppin, founder and CEO of Urban Pacific commented: “The Urban Town House concept is an innovative way to address the lack of affordable housing for today’s working middle class families. This unique three story, five bedroom four bathroom floorplan targets deeply underserved multi generational households providing an economical per bedroom cost option.”
Focusing on Southern California markets UTH developments are expected to range from 40 – 150 units with lease rates averaging between $3,700 – $4,500 per month. An example can be seen in Fullerton CA (pictured).
