The publicly traded company's new initiative includes "two prime, high-quality projects with excellent prospects." Its Andalucia project is located in Del Mar Heights, where the company is developing 181 luxury town home-style apartments for lease, according to Victor Zaccaglin, chairman and chief executive officer.
The company, based in Marina del Rey, has completed 34 units so far, with 19 already leased. With construction proceeding at a rate of 15 units per month, the company expects the project to be fully completed in February.
Calprop's second apartment project is in Milpitas, about 45 miles south of San Francisco.
"Both of our apartment projects are located in strong markets with high demand," Zaccaglin says. "We are enthusiastic about our move into apartment leasing, which really represents a return to our corporate roots."
Calprop is traded on the Over-the-Counter Bulletin Board. At the close of trading Monday, the company share price stood at $1.50, off 5 cents from Friday, which marked a 52-week high.
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