Victor Krebs, of Colliers International, represented the buyer in the Deal of the Week.
The seller had no outside representation.
The deal was the sale of the 20,000-square-foot corner lot at 520 W. Ash St and 1146 Columbia St. at the southern border of San Diego's Little Italy community for $12.8 million.
The buyer in the off-market transaction was Lennar Multifamily Communities LLC, dba LMI Little Italy Holdings LLC, of Aliso Viejo.
The sellers of the property were Shilen Patel (64.5 percent) and Rekha Patel (35.5 percent). The sellers acquired title from Chhatrala 520 Ash LLC, with Shilen Patel and Hemant Chhatrala as managing members.
The corner will become the site of a 220-unit high-rise apartment, with 5,000 square feet of ground floor retail space.
On the same block is the 84-unit Portico condominium, while the 382-unit Acqua Vista condominium is on Columbia.