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April 19, 2019
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Lennar Corporation Acquires 41 Acres in San Diego for Res Development

3/22/19

Lennar Corporation has acquired a 41.5-acre property in San Diego, California for the proposed development of a new 601-home residential community known as Pacific Village. The property is situated in Rancho Penasquitos, a suburban neighborhood at the southern end of North County.

Located off of Carmel Mountain Road, at the northwest corner of the 56 Fwy and I-15, Pacific Village will feature a total of 601 new homes for middle class families. The community will be composed of 99 single-family homes, 105 triplex homes, 120 townhomes, and 277 apartments.

Pacific Village will provide neighborhood benefits including $10 mil for community improvements and infrastructure, improved sidewalks, landscaping and a bike lane along Carmel Mountain Rd, new traffic signals along Carmel Mountain Drive, and a sound wall along Interstate 15. The community will incorporate sustainable design and energy-saving elements, including solar powered homes, home automation, accommodations for electric vehicle charging stations, and water-smart design.

Pacific Village is a partnership between Lennar Homes and Atlantic Pacific Companies, two respected names in housing with long track records for delivering high-quality communities. The multi-phase development is anticipated for completion in 2020.

The seller was Atlantic Pacific Companies. Cushman & Wakefield’s Kevin Nolen, Tim Winslow and Jason Kimmel, who specialize in land and multifamily property in San Diego, represented Lennar in the deal.

“Pacific Village is focused on smart growth-oriented housing that is close to jobs and transit, and connectivity that promotes walking and biking to nearby amenities and activity centers,” said Bill Ostrem, San Diego Division President for Lennar. “The community is also located close to Los Penasquitos Elementary School in the highly-acclaimed Poway School District, adding convenience for families with children in the community.”




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