RANCHO PALOS VERDES, CA--(Marketwired - Jul 24, 2013) - The Hoffman Company has successfully closed the purchase of a parcel land in affluent Rancho Palos Verdes that will be developed into age-qualified housing.
Jim Gallagher of Irvine-based The Hoffman Company represented First Citizens Bank in North Carolina, which had foreclosed on the property. Hoffman has been a leading land brokerage company in California for more than three decades.
The roughly 10-acre property was acquired by Trumark Homes, the homebuilding arm of Trumark Companies, which entitled the land for development through the Rancho Palos Verdes City Council.
"The property had been tied up by three other entities that weren't able to take it all the way through entitlements to develop it," Gallagher said. "Trumark did an outstanding job in a tight time frame, creating value in a site that had a number of challenges."
The unimproved land is on Crestridge Road near Crenshaw Boulevard in an area dotted with age-qualified housing, an assisted-living facility and a retirement community.
To meet the institutional zoning requirements, Trumark put an age qualification on the residential units (55 and older) and the development will offer supportive services for seniors, such as recreation, education, and health and fitness programs.
Tentatively called The Crestridge Villas, the new community will consist of 19 structures, most of which are split-level and two-story buildings with a variety of architectural styles and colors to create an attractive street scene on the hilltop overlooking the Palos Verdes Peninsula. The development plan includes generous open space, a security gate and a meandering path with spectacular views.
About The Hoffman Company
The Hoffman Company was founded in 1978, pioneering modern land sales throughout California. Since that time our firm continues to grow, adapt and perfect land sales drawing from our 30 years of experience. As we move into our third decade in business our commitment to serving the needs of homebuilders and land developers throughout California has become even stronger. When you have an asset as valuable as land, it pays to work with California's most experienced land brokerage firm. For more information please visit our Web site at www.hoffmanland.com.
