SAN DIEGO, Calif., March 21, 2019 – Cushman & Wakefield announced today that Lennar Corporation has acquired a 41.5-acre property in San Diego, California for the proposed development of a new 601-home residential community known as Pacific Village. The property is situated in Rancho Penasquitos, a suburban neighborhood at the southern end of North County. The seller was Atlantic Pacific Companies. Cushman & Wakefield’s Kevin Nolen, Tim Winslow and Jason Kimmel, who specialize in land and multifamily property in San Diego, represented Lennar.
Pacific Village is a partnership between Lennar Homes and Atlantic Pacific Companies, two respected names in housing with long track records for delivering high-quality communities. The multi-phase development is anticipated for completion in 2020.
“Pacific Village will create home ownership opportunities for everyday San Diegans, while delivering a number of benefits to the community,” said Kevin Nolen, Director. “This new community will allow residents to own homes in the community they serve, while also offering mortgage and lending options with a wide variety of programs for first-time homebuyers.”
Located off of Carmel Mountain Road, at the northwest corner of the 56 Freeway and Interstate 15, Pacific Village will feature a total of 601 new homes for middle class families. The community will be composed of 99 single-family homes, 105 triplex homes, 120 townhomes, and 277 apartments.
Pacific Village will provide neighborhood benefits including $10 million for community improvements and infrastructure, improved sidewalks, landscaping and a bike lane along Carmel Mountain Road, new traffic signals along Carmel Mountain Drive, and a sound wall along Interstate 15.
The community will incorporate sustainable design and energy-saving elements, including solar powered homes, home automation, accommodations for electric vehicle charging stations, and water-smart design.
“Pacific Village is focused on smart growth-oriented housing that is close to jobs and transit, and connectivity that promotes walking and biking to nearby amenities and activity centers,” said Bill Ostrem, San Diego Division President for Lennar. “The community is also located close to Los Penasquitos Elementary School in the highly-acclaimed Poway School District, adding convenience for families with children in the community.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through Rialto Mortgage Finance, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar’s Multifamily segment is a nationwide developer of high-quality multifamily rental properties. Lennar Ventures drives Lennar’s technology and innovation strategies. For more information about Lennar, please visit www.lennar.com.
About Atlantic | Pacific Companies
Atlantic Pacific is a fourth-generation real estate company with expertise in acquisitions, development, property management, and investments. With offices in Florida, Georgia, Texas, and California, our team utilizes decades of experience and thorough marketplace knowledge to develop and manage a wide array of properties across the country. Our associates specialize in both established and growing marketplaces. We treat every investment with a disciplined approach that creates significant and sustainable value for our clients. For more visit https://www.apcompanies.com/