MILPITAS, CA--(Marketwired - Sep 23, 2013) - The Hoffman Company, one of California's most established land brokers, announced today it has closed the largest unimproved residential land transaction to date in the South Bay Area.
The sale of the 12.51 acre property by Warmington Residential to Toll Brothers clears the way for development of Traverse, a community of 98 townhomes and 108 condos in Milpitas. The project is expected to cost more than $100 million. Construction is scheduled to begin in mid-2014.
For Warmington, which typically builds out land it has entitled, it was a rare sale.
For Toll Brothers, it was a chance to continue its aggressive expansion in the Bay Area.
"This deal works out nicely for both companies," said broker Cameron Fowler, who closed the deal for The Hoffman Company. "Due to the significant price lift in the land market and the numerous projects they already have in the pipeline, it made sense for Warmington to sell and amortize the project sooner rather than later."
"And for Toll Brothers," Fowler said, "the deal allows them take advantage of the upward trending housing market and a price point that fits well with their long-term growth strategy in the Bay Area."
Soaring job growth in the South Bay's technology economy and a lack of available vacant land has positioned Fowler and The Hoffman Company to reap the rewards of its strategy to ferret out coveted land-acquisition targets near employment centers.
"We listen carefully to our buyers and sellers so that we understand their needs," Fowler said. "By listening, we are able to match buyers and sellers in an incredibly tight market for vacant, buildable land in supply constricted markets that are close to job centers."
In the past two years, Fowler has sold more than 4,200 lots valued in excess of $250 million.
The Traverse project will be built on Trade Zone Boulevard within the Transit Area Specific Plan area, which was adopted in 2008 to encourage conversion of underutilized industrial properties into high density residential neighborhoods.
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. www.hoffmanland.com