LOS ANGELES, April 02, 2018 -- 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.
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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
