STORM PROPERTIES SELLS 48 SINGLE-FAMILY LOT SUBDIVISION IN TORRANCE
TORRANCE, Calif., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the sale of Torrance Pointe, a subdivision of 48 single-family lots on 2.8 acres in the supply-constrained South Bay submarket. Storm Properties handled the entitlement work. Terms and buyer were not disclosed.
In a notable aspect of the transaction, Storm Properties worked creatively with the property owner, Christ The King Lutheran Church, to purchase and develop only its excess parking, allowing the long-established church to remain at its current location to continue serving the Torrance community.
The new community offers a desirable location with convenient access to freeways and the Metro Lines, as well as to major employment centers in downtown Los Angeles and the South Bay. The homes will feature contemporary architecture by award-winning KTGY Group Inc., with 3-4 bedrooms, 2 ½-3 baths and a private backyard. The residences will range in size from 1,725 square feet to 2,257 square feet.
“We received tremendous homebuilder interest for the Torrance Pointe site, driven by surging homebuyer demand for new, single-family housing centrally located in Los Angeles County and the scarcity of new infill development sites,” said Alan Kwan, Senior Director of Acquisitions of the Torrance-based company.
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, land for speculative industrial development, and value-add multifamily in California, Arizona, and Utah in the $10 million to $60 million range. 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 90-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, senior director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com.
Contact: Ann Romano
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21de4d0-cf60-42cd-843a-7ccff086ba4d