Another Year, Another Chapter | July 2025
As I turn another year older, I find myself reflecting not just on the milestones, but on the moments in between—the lessons, the pivots, and the people who have shaped my journey.
Many people know Integris Real Estate Investments’ parent company, Shopoff Realty Investments, but not everyone knows the journey behind it. My story didn’t begin with real estate. It began over a century ago, when my grandfather left Bulgaria and settled in Battle Creek, Michigan. A tailor by trade, he came to America with little more than a dream and a willingness to work. Though I never met him, I know he was a great man.
My parents, too, were foundational. Though they’ve been gone for many years now, I think about them daily and the lessons they taught me. My father believed deeply in the power of education, encouraging my brothers and me not just to attend college, but to pursue graduate degrees and secure our futures.
Believe it or not, I started out wanting to be the next Jacques Cousteau, earning a degree in Marine Biology from the University of Texas. I was accepted into graduate school at Texas A&M, but at the last moment, I decided it wasn’t my calling in life. I decided I was going to follow my father and my brother’s path in the business world and was accepted into the university’s MBA program.
While I was in college, a friend of mine suggested that I get a real estate license and I joined him selling and leasing real estate part-time. Little did I know that the decision to get into real estate would change my life forever. I had never thought about being in the real estate business, and I never thought it would be part of my professional journey. Yet, immediately after earning my MBA, I started my own brokerage and development firm.
I learned some hard lessons, all before age 30—making and subsequently losing my fortune, which was a humbling experience. But during this time, I found my partner in business and life, Cindy Shopoff, who’s been my biggest supporter. Without her, I wouldn’t have made it through the good times or the hard times. I owe her a daily debt of gratitude because our business would not be what it is if she had not stood by me for the last 38 years.
In 1992, we opened the first Keller Williams commercial franchise in the country. After almost five years of running both businesses, Cindy and I decided to focus on the investment side and closed our Keller Williams commercial franchise. We then co-founded what would become Shopoff Realty Investments in Austin, Texas. Over the next few years, the business thrived, leading both our company and our family to relocate to Southern California to take advantage of the unique opportunities the area’s real estate market had to offer. Partners came and went, and Cindy and I became the sole owners of the company by 2004.
Since then, Shopoff has evolved from transforming underutilized and mismanaged properties to expanding its focus to include both land and commercial developments. Today, we’re also actively engaged in construction—building apartments, build-to-rent communities, luxury condominiums, industrial facilities, and more. Throughout this growth, we’ve maintained our opportunistic approach, consistently creating value and transforming overlooked assets into opportunities.*
As I celebrate another trip around the sun, I’m reminded that every year brings new challenges—and new opportunities. The current economic landscape is a mixed bag: while inflation has cooled and interest rates have stabilized, the real estate market remains in flux.
Despite these headwinds, I see this as a moment of opportunity. Just as I’ve pivoted and adapted throughout my life—from marine biology to real estate, from setbacks to successes—our company continues to evolve. We’re not just weathering the market; we’re positioning ourselves to lead in it.
So, as I turn the page on another chapter, I do so with gratitude—for the past, for the people who’ve shaped my path, and for the promise of what’s still to come. It’s not about where you come from, but where you’re willing to go. It’s about taking risks, pushing boundaries, and believing in yourself (and your team) when no one else does.
Disclosures
*There is no assurance that this strategy will succeed to meet its investment objectives.
This newsletter is for informational purposes only and does not constitute investment advice or an offer to buy or sell securities. Past performance is not indicative of future results.
This is not an offering to buy or sell any securities. Such an offer may only be made through the offering’s memorandum to accredited investors. Any investment in Shopoff Realty Investments (“SRI”) programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of former assets is not indicative of the future results of other assets. Securities offered through Shopoff Securities, Inc. (“SSI”) member FINRA/SIPC.
