LOS ANGELES, April 02, 2018 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the sale of its project “Vista Pointe,” a 56 single-family lot subdivision on 7.8 acres located in the supply-constrained West Athens area of the South Bay, to KB Home. The community offers a desirable location with convenient access to freeways and the Metro Lines, and convenient commutes to major employment centers in downtown Los Angeles and the South Bay. Future residents will enjoy a short drive to beach cities, parks, shopping and entertainment, and the new NFL Los Angeles Stadium in Inglewood, which is scheduled to be completed in early 2020.
Homes in this gated community will be two-story, range in size from 1,650 to 1,900 square feet, and offer three or four bedrooms, 2-1/2 baths, and include a private park. Homes are expected to be delivered in late 2019.
“We are excited to be a key part of the transformation of this long-blighted parcel into a vibrant single-family home community in the supply-constrained infill area of West Athens,” said Jay Ahluwalia, president of the Torrance-based company.
This will be the second project for KB Home in the West Athens/Gardena area. KB is currently offering Newfield, located just two miles from Vista Pointe and comprising 96 three-story townhome-style condominiums. Floor plans range from 1,784 to 1,914 square feet and offer up to four bedrooms, three-and-a-half baths, and a two-car garage.
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.
Contact: Ann Romano
(949) 496-1076
(949) 310-5876 (cell)
annromano@cox.net
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/41a3a5b9-e49a-4621-b38a-73c68a692b5b