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8/13/14
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A 28-acre parcel of land in Oceanside with approved plans for a 338-unit luxury apartment development sold for $25 mil. The property is located on the northwest corner of College Ave and Old Grove Rd within the Rancho Del Oro master-planned community.
The planned development, called Terraza, will be comprised of a mix of one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath units with many high-end amenities.
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.
“There is a scarcity for large, luxury multifamily development sites in the Highway 78 Corridor,” said Creager, Senior Vice President of Colliers International, “Terraza is the last remaining undeveloped residential site in Rancho Del Oro and presents an extraordinary infill opportunity in a premier master-planned community.”
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