An undisclosed private home builder has purchased a single-family-lot subdivision on 8.3 acres in the historic Etiwanda neighborhood of Rancho Cucamonga, California, from Torrance, California-based Storm Properties Inc. This sale of “Avana Collection” is the final chapter in the development process for Storm, starting with an all-cash purchase of excess land from Cross & Crown Church.
Storm Properties handled the entitlement work for the sale; terms were not disclosed. Nick Giannini and Bryant Brislin of The Hoffman Company represented Storm Properties in the transaction.
The new community will feature 16 estate homes in Etiwanda, which is served by the Etiwanda School District, nearby shops, dining, outdoor activities, and entertainment. The homes will offer open floor plans featuring one and two stories with four or five bedrooms and 3½ or 4½ baths. The residences will range in size from 3,657 square feet to 4,550 square feet and are expected to be delivered in late 2018.
“This new enclave of estate homes is an ideal complement to this historic area, as well as being centrally located for access to job centers, services and shopping amenities,” says Alan Kwan, senior director of acquisitions for Storm Properties.
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 infill locations for entitlement and core-plus to value-add retail and industrial properties in the $5-million to $30-million range in major Western metro markets. 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 organization with a growing family of companies. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a diversified group of businesses operating across the globe.