A unit of Carmel Valley-based GDC Communities, itself an affiliate of Genstar Development Co., has paid $37.12 million for more than 1,100 acres along and near Proctor Valley Road within an unincorporated portion of the Otay Ranch masterplan.
The property in Jamul was acquired by a GDC partnership known as GDCI Proctor Valley LP. The seller was a series of partnerships controlled by RMJB Inc., controlled by Ronald Therrien of Tustin.
Dave Waters, GDC Communities director of business development, said what is currently raw land could technically hold as many as 2,000 units under the existing village plan. GDC intends to develop between 800 and 1,200 units, the exact mix of which is still being determined.
Homebuilder Bonita-based Jackson Pendo Development is GDC's development partner.