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MULTIFAMILY NEWS
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KB Homes Buys Res Development Subdivision in Van Nuys

7/31/17

KB Homes recently picked up a 3.4-acre, 58 single-family home subdivision located in the central San Fernando Valley community of Van Nuys. The property is located at 14700 Sherman Way, between Van Nuys Blvd and Kester Ave.

The new residential community will be gated and feature a private park. The project’s Spanish-themed architecture will showcase two- and three-story floor plans with three or four bedrooms, 2½ -3½ baths, and a backyard. The residences will range in size from 1.7k sf to 1.8k sf, and are expected to be delivered in mid-2018.

Chris Gomez-Ortigoza of Land Advisors Organization represented the buyer and the seller, Storm Properties Inc, in the transaction. This sale follows less than two years after the acquisition of the unentitled parcel in November 2015 in a quick, all cash purchase of excess land from the International Church of the Foursquare Gospel. Storm Properties is a subsidiary of 83-year-old Storm Industries Inc, out of Torrance.





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