Industrial developer opts for apartment investment

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Storm Properties Inc., a Torrance-based developer that usually specializes in building industrial properties such as warehouses, said today that it has set aside $25 million to buy apartment complexes over the next two years.

The company recently sold some industrial buildings and has decided that the real estate cycle is ripe for investment in multi-unit residential properties, said President David Simard.

‘With so many willing to cut deals, it is a very good time to buy,’ he said. ‘If you have the available cash you can leverage the current economic situation to your advantage.”

-- Roger Vincent