VAN NUYS, Calif., July 20, 2017 (GLOBE NEWSWIRE) -- Storm Properties, Inc. is pleased to announce the sale of its 3.4 acre Sherman Way project, a 58 single-family home subdivision located in supply-constrained market of Van Nuys, to KB Homes. This sale follows the acquisition of the prized, unentitled parcel in November 2015 in a quick, all cash purchase of excess land from the International Church of the Foursquare Gospel. Storm Properties handled the entitlement work. Terms were not disclosed.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/e4681c70-3dfe-4933-ad3a-8f1f22a9ebfb.
Located at 14700 Sherman Way, the community will be gated and feature a private park. Spanish-themed architecture will showcase two- and three-story floor plans with three or four bedrooms, 2½ -3½ 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-2018.
“We received tremendous homebuilder interest for Sherman Way, a result of the surging homebuyer demand for new, single-family housing that is centrally located in the San Fernando Valley and the scarcity of new infill development sites,” said Alan Kwan, director of acquisitions of the Torrance-based company. “We want to thank Chris Gomez-Ortigoza of Land Advisors Organization for representing both buyer and seller in this transaction.”
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.