RANCHO CUCAMONGA, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the sale of its project “Avana Collection,” a 16 single-family-lot subdivision on 8.3 acres located in the desirable historic Etiwanda neighborhood of Rancho Cucamonga, to a private home builder. This sale 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. Terms were not disclosed.
The new community will boast 16 estate homes located in the highly regarded historic Etiwanda neighborhood, served by the prestigious Etiwanda School District, nearby shops, dining, outdoor activities, and entertainment. Future residents will enjoy spacious, open floor plans which feature one and two-stories with four or five bedrooms and 3½ or 4½ baths. The residences will range in size from 3,657 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," said Alan Kwan, Senior Director of Acquisitions of the Torrance-based company. “We would like to thank Nick Giannini and Bryant Brislin of The Hoffman Company for representing Storm Properties in this transaction.”
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, 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 innovative and entrepreneurial 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 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 .
Ann Romano (949) 496-1076 annromano@cox.net
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Do...8219c1c750
