San Diego, Calif., November 9, 2021 – Colliers announces the recent sale of a 10.2-acre development site in Carlsbad for $26,250,000. Victor Krebs and Gunder Creager of Colliers represented the seller, SummerHill Apartment Communities. The property is located at 6145 Laurel Tree Lane and was fully entitled by the seller for 329 apartments.
The buyer, Aviara LP, is a partnership of R & V Real Estate and Wermers Properties represented itself. The buyer plans to build the project per the approved entitlements and hold it as a long-term investment.
“The Aviara apartments was a rare opportunity to acquire one of the largest multifamily sites in Carlsbad in the last 30 years. The Seller designed and entitled a great project that generated very strong interest from the top apartment firms. This project will set a new benchmark for quality in Carlsbad and will deliver much-needed housing in the City. The site is near the fast-growing employment base in Carlsbad in addition to offering easy access to the shopping and recreation amenities nearby.” said Victor Krebs, senior vice president at Colliers.
Colliers is a leading diversified professional service and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.