D.R. Horton Acquires 3.4 Acres in the San Fernando Valley
Irvine, CA October 19, 2018 – D.R. Horton has acquired 3.4 acres in the Mission Hills area of Los Angeles to build 65 single family detached homes from Newport Beach based developer, Province Group. Land Advisors Organization, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented the Seller in this transaction. The terms were not disclosed.
The Property has an approved final map and is designed with a livable site plan that features 65 detached, 3-story homes with private yards, and a community park. The ideal location is within walking distance to several major employers including the Facey Medical Center, Province Holy Cross Hospital, a Los Angeles Police substation, and several major car dealerships. Chris Gomez-Ortigoza, Vice President at Land Advisors, explains, “Due to the car centric nature of the San Fernando Valley, most development projects in the area have little to no walkability. This Mission Hills Property is unique in that it provides residents with an option to live within walking distance to their place of employment.”
While the Property’s walkability is a major plus, its location within five minutes of Los Angeles’ three major freeways also provides a central accessible location for commuters. For many Los Angeles residents, commuting 30 to 120 minutes is the norm, but this Property offers an alternative option for those looking for a new, detached home, which often comes with a longer commute time.
In the last eighteen months, Land Advisors has seen a drastic drop in proposed for sale housing projects greater than 30 units in the San Fernando Valley. This drop in inventory is due to the approval of “Measure JJJ” and is creating a lack of new, on grade housing supply in the region. “In the case of Mission Hills, builders were willing to get aggressive to fill their pipelines because there are so few opportunities in this market. Including this property, there are less than ten projects approved or in the pipeline in the San Fernando Valley with the opportunity to be acquired by a homebuilder.” Gomez-Ortigoza concludes.
Jennifer Kearby, Marketing Coordinator
Land Advisors Organization