WHITTIER, CA--(Marketwired - Sep 17, 2015) - Storm Properties, Inc., continues on its aggressive acquisition push of infill properties for residential development, acquiring a vacant lot on the northwest corner of Hadley Street and Magnolia Avenue. The site once had a gas station, antique shop, and miniature golf course through 2003, and has since been vacant. The development required a zone change and general plan amendment from commercial to residential.
This transaction was closed all cash without financing contingencies for an undisclosed price.
Storm Properties plans to build Cambridge Place, a neighborhood of 32 townhomes encircling a central common park and recreation area. Homes in this community will be two and three stories, range in size from 1,225 to 1,800 square feet, and offer 2 to 3 bedrooms and 2-1/2 baths. Exteriors will feature high-quality, Craftsman architecture in keeping with Whittier's rich architectural history. Homes are expected to be delivered in mid-2016.
"Cambridge Place transforms a vacant parcel with graffiti and transient problems into a focal point and premier residential neighborhood," said Jon Spelke, director of development for the Torrance-based company. "There is substantial buyer demand for new homes in this infill neighborhood, boasting convenient and often walkable access to job centers, services and shopping amenities."
Cambridge Place is situated along the gateway to Uptown Whittier, the charming, historic "Heart of Whittier," featuring specialty shops, an array of restaurants, and entertainment that includes several live music venues. Uptown is also the site of a number of special events such as antique fairs, vintage car shows, and the annual Christmas Parade.
Storm Properties has extensive experience in developing single family and multi-family communities in infill neighborhoods throughout Southern California. Additionally, Storm currently operates a diverse portfolio of industrial and retail properties, and is targeting significant growth through further acquisitions. Its efforts are focused on residential land in infill locations for entitlement, and core-plus to value-add retail and industrial properties in the $5-million to $30-million range in major Western metro markets. Storm has a current development pipeline of more than $100 million, and is seeking additional land opportunities for residential entitlement and commercial/industrial development.
Storm Properties is a subsidiary of Torrance-based Storm Industries, Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
For more information, contact Alan Kwan, director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com. Also, visit the website at www.storm-properties.com.