LOS ANGELES—Storm Properties has purchased a 3.4-acre parcel of unentitled land in Van Nuys, from the Church of the Foursquare Gospel. The developer plans to build a community of 58 detached homes on the site. Although the entitlement process will take 12 to 18 months, the developer expects to break ground before the end of the year and deliver the homes in mid 2017. The purchase price for the land site was not disclosed.

This is the second site the developer has purchased from the church, which has been selling its excess land. Storm Properties competed with several other buyers for the site, and brought in an all-cash offer to when the deal. “Van Nuys is very geographically desirable,” Alan Kwan director of acquisitions for Storm Properties, tells GlobeSt.com. “It is close to major job centers and yet it is really affordable. There are several other new communities in the area that help pave the way, and it has become a great infill market. We jumped at the chance to redevelop this site into a really unique detached home community.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.