Storm Properties has sold a development project for 58 houses in Van Nuys to KB Home, the company announced Thursday. Financial terms of the transaction were not disclosed.
The Sherman Way subdivision, located at 14700 Sherman Way, will feature three- or four-bedroom homes between 1,662 and 1,822 square feet. Construction should be complete by mid-2018.
The 3.4-acre development will be a gated community with Spanish-themed architecture.
“We received tremendous homebuilder interest for Sherman Way, a result of the surging homebuyer demand for new, single-family housing that is centrally located in the San Fernando Valley and the scarcity of new infill development sites,” Alan Kwan, director of acquisitions for Torrance-based Storm Properties, said in a statement. “We want to thank Chris Gomez-Ortigoza of Land Advisors Organization for representing both buyer and seller in this transaction.”
KB Home, headquartered in Los Angeles, is a residential developer that has built more than 550,000 homes.