SOURCE: Storm Properties, Inc.

Storm Properties, Inc.

September 08, 2015 13:24 ET

Storm Properties Acquires Unentitled South Bay Infill Parcel for New Homes

HARBOR CITY, CA--(Marketwired - Sep 8, 2015) - Amid a sustained demand for new housing in premier infill locations, Storm Properties, Inc. has acquired an unentitled parcel of land at 25416 McCoy Ave. and 255th Street in Harbor City.

The site was a quick, all cash purchase of excess property belonging to International Church of the Foursquare Gospel and required a zone change.

McCoy255, a new neighborhood of 21 two-story, single-family homes, will feature contemporary architecture by award-winning KTGY Group Inc., with 3 bedrooms, 2-1/2 baths and private 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-2016.

"We are very excited about this project, as there is significant buyer demand for new homes in the South Bay and not enough supply, and most homes in the area are 50-plus years old," 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 community is situated within easy reach of both the 110 (Harbor) Freeway and Pacific Coast Highway.

Storm Properties has extensive experience in developing single family and multi-family communities in in-fill 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. 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 revamped website at www.storm-properties.com

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