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$700,000 Buys 1.4 Acres for Residential

VALENCIA, CA-The property was purchased from the Newhall Land and Farming Co. by DeBeikes Investment Co. The buyer plans to develop high-end, two- and three-bedroom rental townhouses on the site.

By Peter Landau | Updated on June 03, 2002

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.

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