A partnership controlled by Ure Kretowicz's Cornerstone Communities has paid a reported $25 million for a 28-acre residential parcel located on the northwest corner of College Avenue and Old Grove Road in the Rancho del Oro masterplan in Oceanside.
Plans call for a 338-unit luxury apartment development on the property that will be called Terraza at Rancho del Oro. Amenities will include a resort-level clubhouse with an Olympic size swimming pool, spa, barbecue area, conferencing center, video arcade, gourmet kitchen, and tot lots scattered throughout the community, according to Cornerstone's website.
Gunder Creager, David Santistevan, and Ciara Layne-Trujillo of Colliers International represented the seller, RDO Village Investment LLC, and the buyer, Presidio Cornerstone Master LLC.
Terraza will be comprised of one-bedroom/one-bathroom, two-bedroom/two-bathroom, and three-bedroom/two-bathroom units.
Creager says Terraza is the last remaining undeveloped residential site in Rancho Del Oro. Ground breaking is expected in 2015 with first occupancy by 2016, according to Cornerstone's website.