Los Angeles Neighborhood Remained Undeveloped during the Recession will Receive 14 New Single Family Detached Homes
Los Angeles and Placentia, CA – January 29, 2013 – Kraemer Land Company, formerly FKC Properties, announced an acquisition of a 14-lot residential development in the Highland Park submarket of Los Angeles through a new strategic partnership with Orange County homebuilder, South Coast Communities. The company plans to finish four standing inventory homes within the next 90 days and complete construction on all remaining single family detached lots before year-end 2013.
“Kraemer Land Company is committed to adding value to the local community,” said Brett Albrecht, Managing Director for Kraemer Land Company. “Completion of this project will greatly enhance an area that has endured the remnants of a broken development for years. We look forward to enhancing the neighborhood and fulfilling our mission for creating value in real estate with our partners.”
Kraemer Land Company committed approximately $7.5 million in new capital to complete the project. South Coast Communities will manage all design, engineering, construction, marketing and new home sales. Home prices are projected to start from the mid to high $700,000s.
“Our communities stand apart for their high-quality construction and efficient design,” said Brent Little, Principal of South Coast Communities. “We look forward to bringing our extensive experience in the completion of broken residential developments together with the Kraemer Land Company team, while providing a superior home-buying experience upon completion.”
Located at the intersection of North Avenue 66 and Staley Ave., the development has remained unfinished since 2009. The lots were acquired from two independent groups of sellers. Tim Barden of Land Advisor’s Organization represented both the buyer and seller.
About Kraemer Land Company
Kraemer Land Company, formerly FKC Properties, is a privately held, fully integrated real estate firm with over 50 years of hands-on, cycle-tested experience in acquiring, developing, leasing, repositioning, managing, financing and disposing of real estate. With Orange County roots dating back to 1860, the direct descendants of the Kraemer and Yorba families started Kraemer Land Company based on the philosophy that its real estate holdings should be capable to succeed in all real estate cycles.
Today, Kraemer Land Company owns and operates a diverse portfolio consisting of commercial and residential projects throughout Southern California and Nevada, with offices located in Placentia, CA and Las Vegas, NV. www.KraemerLand.com.
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