Housing developer KB Home of Los Angeles has acquired a 5.47-acre land parcel in El Cajon for $6.43 million, according to commercial brokerage company Colliers International.
The seller of the parcel at 103 E. Chase Ave., which is approved for development of a 44-lot residential subdivision, was recorded as Sam El Cajon 55 LLC. Colliers’ Ciara Trujillo, David Santistevan and Gunder Creager represented the seller, and KB Homes represented itself.
Brokers said plans for a new residential development, called Magnolia Trails, include single-family homes ranging in size from 1,768 to 2,732 square feet, with an average lot size of approximately 4,000 square feet.
Trujillo said in a statement that infill subdivisions with more than 20 lots are now “extremely hard to find” in San Diego County, putting them in high demand among public and private homebuilders.