Broker at The Hoffman Company Brings Together Warmington Residential and Toll
Brothers on Large South Bay Land Deal
Transaction Clears Way for Construction of Luxury Townhomes and
Condos Near Booming Employment Centers
MILPITAS, CA -- (Marketwired) -- 09/23/13 -- The Hoffman Company,
one of California's most established land brokers, announced today it
has closed the largest unimproved residential land transaction to
date in the South Bay Area.
The sale of the 12.51 acre property by Warmington Residential to Toll
Brothers clears the way for development of Traverse, a community of
98 townhomes and 108 condos in Milpitas. The project is expected to
cost more than $100 million. Construction is scheduled to begin in
For Warmington, which typically builds out land it has entitled, it
was a rare sale.
For Toll Brothers, it was a chance to continue its aggressive
expansion in the Bay Area.
"This deal works out nicely for both companies," said broker Cameron
Fowler, who closed the deal for The Hoffman Company. "Due to the
significant price lift in the land market and the numerous projects
they already have in the pipeline, it made sense for Warmington to
sell and amortize the project sooner rather than later."
"And for Toll Brothers," Fowler said, "the deal allows them take
advantage of the upward trending housing market and a price point
that fits well with their long-term growth strategy in the Bay Area."
Soaring job growth in the South Bay's technology economy and a lack
of available vacant land has positioned Fowler and The Hoffman
Company to reap the rewards of its strategy to ferret out coveted
land-acquisition targets near employment centers.
"We listen carefully to our buyers and sellers so that we understand
their needs," Fowler said. "By listening, we are able to match buyers
and sellers in an incredibly tight market for vacant, buildable land
in supply constricted markets that are close to job centers."
In the past two years, Fowler has sold more than 4,200 lots valued in
excess of $250 million.
The Traverse project will be built on Trade Zone Boulevard within the
Transit Area Specific Plan area, which was adopted in 2008 to
encourage conversion of underutilized industrial properties into high
density residential neighborhoods.
About The Hoffman Company
The Hoffman Company was founded in 1978,
pioneering modern land sales throughout California. Since that time
our firm continues to grow, adapt and perfect land sales drawing from
our 30 years of experience. As we move into our third decade in
business our commitment to serving the needs of homebuilders and land
developers throughout California has become even stronger. When you
have an asset as valuable as land, it pays to work with California's
most experienced land brokerage firm. www.hoffmanland.com
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