Kraemer Land Company and Planet Home Living Acquire Eagle Rock Parcel to Develop Unique, 15-Home Small Lot Ordinance Project
Kraemer Land Company and Planet Home Living, announce their purchase of a parcel entitled for 15 single-family, small-lot homes in the Eagle Rock submarket of Los Angeles. The approved plans for the development, called PR15M, comply with the City of Los Angeles Small Lot Ordinance, which classifies the structures as single-family detached homes; qualifying residents for preferred financing and protection against Home Owners Association dues. Prices are expected to start in the mid $550,000’s.
“We were attracted to Eagle Rock’s central proximity to Downtown Los Angeles, Burbank, Hollywood, Pasadena, Echo Park and Silverlake. The timing and economic status of the market makes it a prime time for this kind of investment,” said Brett Albrecht, President of Kraemer Land Company.
This unique development at 4359 Toland Way will go by the name PR15M (pronounced Prism) to incorporate the number of homes, and reflect the modern architectural use of windows to bring valuable natural light to all three floors of each home. The approved plans for PR15M comply with the City of Los Angeles Small Lot Ordinance, which classifies the structures as single-family detached homes; qualifying residents for preferred financing and protection against Home Owners Association dues. Prices are expected to start in the mid $550,000’s.
Kraemer Land Company has strategically partnered with Planet Home Living, Newport Beach homebuilder. Planet Home Living will spearhead PR15M’s design, engineering, construction, marketing and new home sales.
“The strategic partnership will be a significant step forward for both our companies and we see it as a natural fit for PR15M, which will demonstrate the new rules for urban home design, modern without complexity. Brett's experience in navigating the market will be beneficial to a sustainable reach,” said Michael Marini, Principal at Planet Home Living.
“Teaming with Kraemer Land Company will provide a range of insight and is a key element to our growth strategy within the small lot ordinance product,” said David French, Principal at Planet Home Living.
The companies plan to break ground on the 15-home development in January 2014 with the first deliveries slated for late summer 2014.
Kraemer Land Company committed approximately $2 million of debt to the project.
About Kraemer Land Company
Kraemer Land Company 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.