FOR IMMEDIATE RELEASE
Operations Manager, CA Division
Los Angeles, CA (April 27, 2017) – Land Advisors Organization, California Division (“LAO-CA”), a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, is pleased to announce the successful sale of Sherman 58, an undeveloped 3.58 net acre property with an approved vesting tentative tract map for 58 single family detached lots in the City of Los Angeles.
Chris Gomez-Ortigoza, Vice President of LAO-CA, exclusively represented Storm Properties in the sale of Sherman 58 to KB Home, one of the largest and most recognized homebuilders in the United States. KB Home plans to build a community with fully detached two and three story homes with private yards and communal park area.
“Sherman 58 will transform a vacant parcel into a residential community that will provide homes at a price point that will appeal to many middle income families,” said Gomez-Ortigoza. “There is an increasing buyer demand for new, detached homes in the Eastern San Fernando Valley, which is in close proximity to retail, employment and entertainment centers throughout Los Angeles.”
In addition to its central location, the project offers an alternative to many of the new small lot detached projects currently available in the Los Angeles area, which typically offer units separated by less than a foot. With a slightly decreased density, Sherman 58 units feel more like fully detached homes, allowing for more natural light, more livable unit, and private yard space.
“According to a recent analysis conducted by LAO-CA, the median price of non-distressed homes sold in the Eastern San Fernando Valley rose by nearly 8% last year. Based on that data, in addition to the project’s new construction, location, and amenities, we anticipate that the Sherman 58 units will command a premium over the 50+-year-old homes available in the San Fernando Valley,” said Gomez-Ortigoza.
“As California continues to experience a pervasive under-supply of housing, we are focused on identifying vacant land and low coverage land sites for our clients to develop attractive residential communities,” said David Kidder, President at LAO-CA. “Sherman 58 is a good representation of the value we provide our clients through our specialized market knowledge and ability to navigate complicated entitlement and development issues successfully.”
Land Advisors Organization is a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets. With deep market expertise and a national network, Land Advisors combines a unique perspective on the market with the highest standards of performance to help clients identify and capitalize on valuable opportunities. The diversified LAO-CA platform includes Landmark Capital Advisors, disciplined in sourcing real estate debt and equity, and Market Insite specialized in consulting and research products for new homes and residential land.