LOS ANGELES—Storm Properties has purchased an unentitled parcel of land from International Church of the Foursquare Gospel for an undisclosed price. The land site was excess property for the church, and required a zoning change. The church brought the property to market in a highly competitive sale, illustrating the strong demand for housing supply in the South Bay market.

“Most of the homes in the South Bay market are more than 50 years old, so there is a significant amount of demand for new home product and there certainly isn’t enough supply,” Alan Kwan, director of acquisitions at Storm Properties, tells GlobeSt.com. “The church was looking for someone to perform on an unentitled basis and pay all cash, and we were able to step up given our roots in the South Bay community. We have been in the community for more than 50 years, so we got comfortable with the location and the development challenges very quickly.”

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