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.