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March 29, 2024
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SOUTHERN CALIFORNIA NEWS
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Otay Mesa Res Dev Site Sells for $14.4 Mil

3/31/20

ColRich has purchased Airway Gardens, a 13.1-acre multifamily development site in Otay Mesa, for $14.4 mil. The property was sold by Airway Gardens Corporation, an entity managed by San Diego-based real estate development firm Murphy Development Company.

The property is located at the intersection of Britannia Blvd and Airway Rd in the South San Diego submarket. The site is zoned for 15 to 44 units per acre and could be developed as either for-sale or rental housing.

Airway Gardens is located immediately south of SR 905 and is within four miles of five other freeways -- SR 125, SR 54, SR 9, I-8 and I-805 -- providing quick access to the rest of the County. The site is less than one half mile south from Brown Field Municipal Airport and approximately one mile north of the Cross Border Xpress that provides accessibility to Mexico. Airway Gardens is a short drive to Chula Vista’s popular amenities including North Island Credit Union Amphitheatre, Aquatica San Diego, Otay Ranch Town Center and the Chula Vista Bayfront.

CBRE’s Kevin Mulhern and Rob Hixson represented the seller in the transaction. The buyer represented themselves.

“Airway Gardens offers the opportunity to create a groundbreaking residential development in the fast-growing Otay Mesa submarket,” said Mulhern.

The total sales volume for San Diego multifamily reached $964 mil in the fourth quarter of 2019, a 27.6% increase quarter over quarter and a 32.3% increase year over year, according to a CBRE research report. Total sales for the year 2019 exceeded $3 bil for the first time since 2016. The price per unit jumped to $313.8k in the fourth quarter, which is the highest on record going back to 2003.







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