VALENCIA, CA-The DeBeikes Investment Co. has purchased a 1.4-acre development site here. The land was purchased from Newhall Land and Farming Co. The transaction value was approximately $700,000.
The buyer plans to develop the property into high-end, two- and three-bedroom rental townhomes. Debeikes is engaged in commercial and multi-family development, land development as well as real estate activities. The units range from 1,050 sf up to 1,600 sf in size. The smallest being a two-bedroom two-bath with a one- car garage, and the largest unit size is a three bedroom and 2.5 bath with two car garage. They are basically geared toward a family unit with children located in higher-end residential areas near schools.
Jeff Searcy and Dave Stolte in the Orange County Sales Office of Charles Dunn Company represented the buyer. The seller, Newhall Land and Farming Company, was represented by Ray Bayat of Grubb & Ellis.
