David Landes and Greg Vogel
Land Advisors Organization
867 acres in Otay Ranch Village 13 near Jamul
Total consideration: $21.26 million
About the property:
The parcel lies within the Otay Ranch master plan, near Jamul, just east of the Chula Vista city limits.
Closing the deal:
The buyer was a Dansk-controlled partnership known as Moller Otay Lakes Investment LLC.
The seller of the Otay Ranch Village 13 property was a unit of Winterpark, Fla.-based Avanti Properties Group and Avanti Group Management, known as Otay Village ASLI LLP.
David Landes and Greg Vogel of Land Advisors Organization represented the seller in the transaction. The buyer represented itself.
“Otay Ranch Village 13 - Area A offered the opportunity to take a long-term position in the last remaining supply of single-family detached lots for South San Diego County,” Landes said. “The buyer now controls a pipeline of 867 acres and 1,000-plus lots for the next five to seven years.”
The land will accommodate 1,007 single-family lots, and construction on the homes is expected to start within the next two years.
Landes said the lots will complement the higher-density product planned on competing villages since the views above Lower Otay Reservoir provide the ideal location for move-up, executive housing in the later phases.
“The interest level was high both from national and local developers. Ultimately, the property was purchased by a local group with strong ties in the immediate area,” he said. “They were able to complete due diligence and close escrow within 45 days in an all-cash transaction.
“The purchase price reflected the aggressive escrow timeline and the significant offsite improvements to Otay Lakes Road necessary to develop the site.”