Land Advisors Organization, California Division Wednesday announced the successful sale of Sherman 58, an undeveloped 3.58 net acre property with an approved vesting tentative tract map for 58 single family detached lots in the City of Los Angeles from Storm Properties to KB Home. Terms were not disclosed.
KB Home plans to build a community with fully detached two and three story homes with private yards and communal park area.
“Sherman 58 will transform a vacant parcel into a residential community that will provide homes at a price point that will appeal to many middle income families,” said Chris Gomez-Ortigoza, Vice President at LAO-CA. “There is an increasing buyer demand for new, detached homes in the Eastern San Fernando Valley, which is in close proximity to retail, employment and entertainment centers throughout Los Angeles.”
In addition to its central location, the project offers an alternative to many of the new small lot detached projects currently available in the Los Angeles area, which typically offer units separated by less than a foot. With a slightly decreased density, Sherman 58 units feel more like fully detached homes, allowing for more natural light, more livable unit, and private yard space.
“According to a recent analysis conducted by LAO-CA, the median price of non-distressed homes sold in the Eastern San Fernando Valley rose by nearly 8% last year. Based on that data, in addition to the project’s new construction, location, and amenities, we anticipate that the Sherman 58 units will command a premium over the 50+-year-old homes available in the San Fernando Valley,” said Gomez-Ortigoza.
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An artist's rendering of how Sherman 58 might look.
“As California continues to experience a pervasive under-supply of housing, we are focused on identifying vacant land and low coverage land sites for our clients to develop attractive residential communities,” said David Kidder, President at LAO-CA. “Sherman 58 is a good representation of the value we provide our clients through our specialized market knowledge and ability to navigate complicated entitlement and development issues successfully.”
