VAN NUYS, CA--(Marketwired - Jan 12, 2016) - Storm Properties Inc. continues its aggressive acquisition push with the all-cash purchase of a prized, unentitled 3.4-acre parcel at 14700 Sherman Way in Van Nuys from the International Church of the Foursquare Gospel.
Although there were several other bidders for the well-located infill site, Storm Properties' quick closing on another excess property belonging to Foursquare made the difference. The established residential area is experiencing a surge of new housing, including two other new-home communities and an adjacent, 200-unit luxury multifamily community.
"We are very excited about this project, as there is significant buyer demand for new homes in this area," said Jay Ahluwalia, president of the Torrance-based company. "This infill project is centrally located for access to job centers, services and shopping amenities, and we believe it will be a great addition to the neighborhood."
The company is seeking approval for 58 single-family homes in a gated community that will feature a private park. Spanish-themed architecture will showcase two- and three-story floor plans with three or four bedrooms, 2 1/2 -3 1/2 baths, and a backyard. The residences will range in size from 1,662 square feet to 1,822 square feet, and are expected to be delivered in mid-2017.
The community is situated within easy reach of the 405, 101 and 170 Freeways, as well as the Van Nuys Metrolink Station. In addition, there are plentiful shopping, dining and recreation opportunities.
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 in-fill 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. Additionally, Storm 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 revamped website at www.storm-properties.com.
Contact Information:
Contact:
Ann Romano
(949) 496-1076
