A 10.2-acre parcel of land in Carlsbad has been sold for nearly $26.3 million with plans to build an apartment complex on it.
Aviara, LP Properties bought the land at 6145 Laurel Tree Lane from SummerHill Apartment Communities. Aviara is a partnership of R&V; Real Estate and Wermers Properties.
The property was fully entitled for construction of a 329-apartment project.
Victor Krebs and Gunder Creager of Collers International represented the seller.
The buyer represented itself.
“The Aviara apartments was a rare opportunity to acquire one of largest multifamily sites in Carlsbad in the last 30 years,” Krebs said. The seller designed and entitled a great project that generated very strong interest from the top apartment firms. This project will set a new benchmark for quality in Carlsbad and will deliver much-needed housing in the City.”