Lemon Grove Residential Land Sells for $5.8 MillionOriginally published February 13, 2014 at 4:03 p.m., updated February 14, 2014 at 3:52 p.m.
San Altos-Lemon Grove LLC of Carlsbad has purchased 16 acres of residential land in Lemon Grove for approximately $5.8 million, according to CoStar Group and public data.
The deal includes 78 new-home lots at 1350 San Altos Place. The seller was AFPC SoCal Properties I LLC, an affiliate of San Diego-based Paragon Management Co. LLC.
Gunder Creager and David Santistevan, of brokerage company Colliers International, represented the buyer and seller.
According to Colliers, the buyer has not formally announced development plans, but the property is surrounded by residential areas on three sides, with Imperial Avenue on the fourth side. The lots are each approximately 7,000 square feet.