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In late 2002, American Beauty made the strategic decision to stop acquiring land. The company successfully disposed of all its’ land holdings by 2004, except for two small parcels originally planned as school sites. Having been through several recessions and real estate cycles, the decision to exit the market came about through the company’s historical perspective together with closely monitoring market conditions. American Beauty understands that real estate is a cyclical business and, in 2002, the company believed that the market was becoming out of balance and headed for a correction.

This has proven to be the case and allows the company’s principals to look to the future, and the opportunities it presents.

The following are some highlights of the company’s experience:

1990’s through 2004 - American Beauty Development successfully entitled over 4,700 residential units and approximately 900,000 square feet of commercial property throughout Southern California. Most of the projects required some form of general plan amendment or specific plan, tract maps, Army Corps. Of Engineers 404 permit, U.S. Fish and Wildlife 1603 permit, as well as State Fish and Game and Regional Water Control Board permits.

1980’s - The company secured approval for Los Angeles County’s first Specific Plan. The design for this 5,400 unit master planned community included a balanced mix of commercial, residential, school and recreational uses. Additionally, the company moved into the luxury condominium market with a mixed-use development known as Encino Towers and First Financial Plaza. Encino Towers is a 120-unit luxury community on Ventura Boulevard in Encino and is built adjacent to First Financial Plaza, a six-story office complex. With more than 220,000 square feet, First Financial Plaza has become one of Encino’s most prestigious office locations.

1970s’ - As the cost of affordable housing became prohibitive for first-time-buyers, the company introduced the American Beauty Gardenhomes. This new and innovative design created side-by-side duplex units, comparable in size to a single family home, while still maintaining affordability. Next introduced was the idea of a single family detached home with common areas, including recreational facilities, and a Homeowners’ Association that is responsible for maintaining the common areas and street scenes in perpetuity. This required changing state law to allow a different legal definition of a condominiums’ “air space”. American Beauty initiated this effort and was instrumental in achieving this legislative goal.

1960’s – The first American Beauty Homes were introduced in the early 1960’s. Throughout the remainder of the decade more than 1,000 homes were sold to the public. The starting price for these homes was $18,250. By the end of the decade, American Beauty joined forces with another builder together with a mortgage banking company and formed a public homebuilding company, building homes in four different states.