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Partnership Buys Mission Valley Residential Land for $31M

A venture that includes affiliates of New York- based JEN Partners LLC and Costa Mesa’s Armada Real Estate Group LLC has acquired 8.78 acres of residential land in Mission Valley for $31 million, according to CoStar Group and public data.

The seller of the land, located in the northeast portion of a larger area being developed as the mixed-use Civita community, was an affiliate of San Diego-based Sudberry Properties Inc.

Sudberry Properties is the master developer of the 230-acre Civita, being built in multiple phases on former quarry land north of Friars Road and slated to include residential, commercial and civic amenities. Sudberry is working with other developers that have already completed numerous apartments and single-family homes at Civita.

The purchasing entity in the land deal is officially recorded as JEN California 5 LLC, and the selling entity is Quarry Falls LLC.

According to its website, JEN Partners and its principals have invested more than $3 billion in residential land and backed eight firms representing more than $1 billion in value. It was formed in 2005 and is led by managing directors Reuben Leibowitz, Allen Anderson and Ethan Leibowitz.

Armada Real Estate Group is a residential land entitlement and development company with its primary focus in the California marketplace. It was founded in 2010 by principals Bruce Lehman and Jerzy JP Secousse.

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