The Grupe Co. of Stockton, one of the nation's largest housing builders, has announced its entry into the Southland market that will involve construction of more than 1,000 condominium rental units in five locations.
The construction in Agoura, Carlsbad, Chino and Chatsworth is valued at more than $100 million and will account for 20% to 25% of Grupe's 1985 business ventures. In California, the firm's projects thus far have been in the San Francisco Bay area and San Joaquin Valley.
"The southern counties are a mega-economy, a melting pot of interests, population and opportunity," said Greenlaw Grupe Jr., chairman and chief executive officer of the privately owned firm. "These are the best reasons we could have for now targeting this area for our investment condominium program."
The company syndicates many of its newly created properties through its own SEC-licensed broker-dealer company and other broker-dealer firms, explained Vincent Petralia, president of Grupe's newly formed Southern California region encompassing Ventura, Los Angeles, San Bernardino, Riverside, Orange and San Diego counties.
The five Southland developments which are or will be in various stages of construction during the remainder of this year will include: Country Oaks, Agoura, with 256 units set on 15 acres; Country Oaks II, Agoura, with 80 one- and two-bedroom flats set on 12 acres; Sea Gate Village, Carlsbad, with 272 units on a bluff overlooking the Pacific; Summerset Village, Chatsworth, with 280 units on 29 acres, and Eagle Canyon, Chino, with 252 units in the master-planned Rolling Ridge community.