Reynolds Communities reports it has sold the first apartment site in its 105-acre Riviera del Sol neighborhood in Otay Mesa at Interstate 805 and state Route 905.
The buyer is Clem Abrams, who plans to break ground in June on a 356-unit complex. The price for the site was $7.56 million.
The Riviera del Sol master plan has been approved for 620 multifamily units, 123 single-family detached homes, and a three-acre commercial storage facility.
Reynolds plans to begin construction in the second quarter of this year and expects to open models in the fourth quarter of 2001. The homebuilder said it would built out the single-family homes and sell the multifamily lots.
Planning and engineering is being completed by Robert Bein, William Frost & Associates, and Jeff Barfield is the project manager.
Reynolds was founded in 1974, is headquartered in El Cajon, has built more then 3,000 homes in California and Arizona, and has annual revenues exceeding $75 million.
Ryland Homes on Saturday will hold the preview opening of the Hidden Meadows executive-home community in Vista. Introductory prices will begin in the high $300,000s.
The 41 homes offer four floor plans from 2,673 to 3,646 square feet on one and two stories with three to seven bedrooms.
Barratt American has sold 32 of a planned 78 homes of its Monterey Collection in the Quartz Hill section of Lancaster. Available homes are priced from $230,490 to $321,356. A trio of floor plans range from 2,498 to 3,365 square feet with three to six bedrooms.
Innovative Resort Communities of San Diego reports five sales of the 20 homes planned as the fourth phase of its PortaCielo in La Las Vegas Resort's SouthShore. The fourth phase is under construction. PortaCielo is planned for 72 homes. Three floor plans range from 2,460 to 3,500 square feet. Prices begin at $515,000.