San Diego-based Wermers Properties and R&V Management Corp. have partnered to acquire 7.4 acres of land near Carmel Valley for $17.5 million, with plans to develop a new apartment community.
The project is planned within The Village at Pacific Highlands Ranch, a mixed-use development underway in the master-planned Pacific Highlands Ranch neighborhood of northern San Diego. The seller of the land site was Pacific Highlands Ranch Village LLC, according to a statement from Wermers.
Officials said construction of the new project is expected to begin in late 2015, with occupancy targeted for spring 2017. Plans call for 331 apartments and approximately 175,000 square feet of retail and dining tenants.