VISTA, CA—September 13, 2016— Lee & Associates, one of the largest national commercial real estate firms, has completed the $4,760,000 sale of a residential development site, located at 1405 Ridge Road in Vista, California. A tentative map for a 31 lot residential subdivision was fully approved prior to the sale. Planned lots range in size from 1/4 to just over 1/3 of an acre and homes are targeted to be built between 2,700 and 3,500 square feet.
Matt Weaver and Al Apuzzo of Lee & Associates – North San Diego County represented the seller, Presidio Vista, and the buyer, Lennar Homes of California, one of America’s leading homebuilders.
“Because most developers understand the long and cumbersome process of entitling land, they often choose to purchase property with entitlements in place,” explained Weaver. “The Seller entitled the property with the intention to sell it to the vertical builder.
This was an excellent development opportunity for Lennar Homes,” stated Weaver. “The 11.47 acre property boasts panoramic mountain and valley views and is located within immediate proximity to commercial and retail developments, including upscale grocery,